MANILA, Philippines-The local stock barometer tumbled sharply on Monday as investors pocketed gains after the recent run-up.
The Philippine Stock Exchange index lost 78.59 points or 1 percent to close at 7,730.95, slipping for the second straight trading session.
All counters were in the red, with the industrial, services, mining/oil and property firms all declining by over 1 percent.
Value turnover for the day amounted to P7.95 billion. There were 47 advancers which were overwhelmed by 142 decliners while 34 stocks were unchanged.
The day’s decline was led by MPI and Megaworld, which slipped by 3 percent while EDC and SM Prime faltered by over 2 percent. ALI, PLDT, SMIC, BDO and URC were all down by over 1 percent. AC, BPI and FGEN also contributed to the decline.
On the other hand, ICTSI, Metrobank, GTCAP, AP and JG Summit all advanced.
“We are still firm to our sideways to down outlook despite the PSEi maintaining its hold above 32-day moving average,” said Luis Gerardo Limlingan, managing director at Regina Capital Development Corp.
“More caution has to be exercised this week, especially that technical readings are putting even more pressure on prices,” he said.