It was only a three-day trading week as Maundy Thursday and Good Friday were both declared as public holidays.
Most of the sub-indices ended in the red, led by the broader All Shares index that fell 6.63 points to close at 3,486.74, the Financials index declined 29.56 to 1,781.03, the Industrial index shed 110.34 to 9,290.89, the Holding Firms index gained 92.62 to 6,350.39, the Property index rose 65.61 to 2,743.97, the Services index lost 50.89 to 1,612.66 and the Mining and Oil index plunged 348.88 to 10,674.15.Top gainers were Primex Corp., Vivant Corp., Centro Escolar University, PXP Energy Corp.
Such events will pressure fund managers to “keep more dry powder until the broader picture becomes more conducive for bolder plays. Speculatives and corporate-specific stores might take the spotlight until then,” the broker said. Immediate support for the main index is seen at 6,400 points and resistance is seen at up to 6,750 points.Maybank Investment Banking Group gave a sell rating on the stock of JG Summit Holdings Inc. after it booked a net loss of P2.5 billion last year, excluding the gains from the sale of some shares in Manila Electric Co. This was much worse than the analysts expectation of a P2 billion loss for the year.