PSEi flat as markets follow US, China spat
The local stock barometer started the week on a flat note as fresh trade war jitters curbed risk-taking across regional markets.
The main-share Philippine Stock Exchange index (PSEi) added a meager 0.41 points or 0.006 percent to close at 7,413.56 in thin trading on Monday. Elsewhere in the region, financial markets were mostly sluggish.
“General market tone: risk-off. (US President Donald) Trump gave the go-ahead signal to implement tariffs on Chinese imports worth up to $200 billion even after both the United States and China appeared amenable to high-level talks in the near term to smooth out differences. China has threatened to walk away from the negotiating table should the United States push through with the tariff salvo,” ING said in a research note.
At the local market, the main stock index was shored up by the industrial and property counters, which advanced by 1.12 percent and 0.89 percent, respectively.
The financial and mining/oil counters both tumbled by over 1 percent, while the holding firm and services counters also slipped.
Value turnover was thin at P3.94 billion. Bargain-hunting local investors mostly supported the index as there was net foreign selling of P250.88 million for the day.
There were slightly more decliners (99) than advancers (95), while 44 stocks were unchanged.
Selective buying of large-cap stocks supported the PSEi. URC added 2.83 percent while SM Prime, Globe Telecom and Ayala Land all gained over 1 percent.
Ayala Corp., Metro Pacific and Metrobank also gained.
Notable gainers outside the PSEi basket included Alliance Select Foods, which surged by 15.18 percent, while Melco Resorts added 0.86 percent on the back of a tender offering as part of its delisting plan.
Pacific Online also added 0.36 percent in relatively heavy trade.
On the other hand, Security Bank lost 3.3 percent while AEV fell by 2.69 percent.
BDO, the most actively traded company, declined by 1.71 percent, while SM Investments also fell by 1.39 percent. Shares of BPI also slipped.
Notable decliners outside the PSEi included Bloomberry, which slid by 4.71 percent, while PXP and Cirtek fell by 2.45 percent and 1.52 percent, respectively. IRC lost 0.41 percent.
