PSEi ends 1.21% lower

Excitement over the state visit of US President Barack Obama failed to lift the stock market Monday, which sank as investors continued to book profits after recent gains.

The benchmark Philippine Stock Exchange index (PSEi) declined 1.21 percent, or 80.75 points, to close at 6,604.35. The broader all shares index was also down 1.09 percent to 3,990.20.

All subcounters were also in the red, led by property’s 2.58-percent decline and holding firms, down 1.47 percent.

“The market has been consolidating after gaining the past few weeks and some are saying it might be too much too soon,” First Grade Finance Inc. managing director Astro del Castillo said in an interview.

He also noted that some investors preferred to wait on the sidelines pending the release of fresh economic data in the United States or possible economy-related announcements following President Obama’s visit.

The market still has the potential to gain in the near term with the steady release of first-quarter earnings being released, Del Castillo added.

Total volume yesterday reached 1.27 billion valued at P7.47 billion. There were 54 gainers against 127 decliners while 37 companies closed unchanged. Metropolitan Bank and Trust and Co. was the most actively traded issue yesterday. It dropped 0.6 percent to P82.50 a share yesterday. Other active stocks yesterday were BDO Unibank, Megaworld, Alliance Global Inc., Manila Electric Co., Bloomberry, SM Prime Holdings, SM Investments Corp., Universal Robina Corp. and PLDT. Of these stocks, only Bloomberry ended higher with a 3.87-percent gain.

The advancers were led by Bogo Medellin Milling Co., Globalport 900, Makati Finance Corp. and Uniol Resources. The decliners were led by Benguet Corp., Roxas and Co. Inc., Yehey, Waterfront Philippines Inc. and Primex. Miguel R. Camus