THE LOCAL stock barometer pulled back from record highs on Monday as disappointing economic data out of the US and China weighed down regional sentiment.
The Philippine Stock Exchange index lost 59.2 points or 0.77 percent to close at 7,630.71.
Across the region, most markets slumped in line with the overnight decline in Wall Street, in turn in reaction to reports that the US economy had grown by only 2.6 percent year-on-year in the fourth quarter of 2014, slowing from 5 percent in the previous quarter. Regional markets were also jittery over a weak manufacturing gauge in China.
Value turnover for the day amounted to P10.48 billion.There were 76 advancers which were edged out by 111 decliners while 36 stocks were unchanged.
The day’s decline was led by gaming stock Bloomberry, which fell by 3.55 percent while GTCAP, Jollibee, BDO and SMIC all declined by over 2 percent.
Metrobank, Megaworld, ICTSI and AC all fell by over 1 percent.
The day’s most actively traded stock was URC, which was down by 0.48 percent while PLDT, JG Summit, ALI and EDC also slumped.
Among the few large-cap stocks that were unscathed on Monday were AGI (+1.8 percent) and SM Prime (+0.54 percent).
Local stock brokerage Regina Capital Development Corp. said pullbacks were expected this week but noted that these would be a buying opportunity to allow the index to form a higher base.
“Based on current volatility readings, it is possible for the index to reach 7,790 target price this week but seeing the lack of pullbacks (bear scenario), this may not be sustained and could cause sharp corrections,” the brokerage said in a research note.
In the month of January, the PSEi went up by 6.4 percent.