The Philippine Stock Exchange Index as of March 19, 2021. The Philippine Stock Exchange Index (PSEi) closed the last trading day of the week at 6,436 — 195 points down or 2.9% lower than Thursday’s close of 6,631.
The index was trekking at 6,541 during the pre-close period but investors dumped shares of PLDT Inc. (ticker symbol: TEL) and Aboitiz Power Corp. (ticker symbol: AP) at the close, thereby dragging the index to 6,436. Both names were the index’ top losers, declining by 7.4% and 6.1% respectively from Thursday’s close.
Sector indices are all in the red, with the property sector sinking the most by 4.5%, followed by Financials and Services which both declined by 2.6%.
Today’s close was the lowest so far for the year.
The local stock barometer shed 4.3% from the previous week’s close of 6,728 and is down 9.9% on a year-to-date basis.
The PSE Index now stands close to being oversold at an RSI (relative strength index) of 30.57. The 200-day simple moving average of 6,464 has been slightly breached by today’s closing level.
Immediate resistance is 6,530 while immediate support is at 6,230.
Next Tuesday (March 23) will see the maiden appearance of DDMP REIT, Inc. (ticker symbol: DDMPR) in the local stock market.