The local stock market underperformed regional stock markets Monday as investors factored in the latest stream of corporate earnings while remaining anxious ahead of the US presidential elections.
The main-share Philippine Stock Exchange index (PSEi) lost 30.18 points or 0.42 percent to close at 7,197.19—missing a regional rebound brought by news that the FBI had cleared Democrat Hillary Clinton of any crime arising from the use of a private server.
The index was weighed down by the financial, industrial, holding firm and services counters while the mining/oil and property counters both firmed up by more than 1 percent.
Value turnover was thin at P6.68 billion. There were just as many advancers as decliners in the market (92 each). Foreign investors were net sellers amounting to P744 million for the day.
The PSEi was weighed down most by Globe Telecom, which fell by 5.2 percent after announcing a 7.5-percent decline in nine-month profit.
COL Financial head of research April Lee Tan said profits disappointed “on higher than expected depreciation and interest expenses.”
Metrobank, Jollibee, BPI and GT Capital all slipped by more than 1 percent while Ayala Corp., Metro Pacific Investments Corp., Security Bank, URC and PLDT all faltered.
On the other hand, Ayala Land (+1.44 percent) and SM Prime (+1.35 percent) both bucked the day’s downturn after reporting a double-digit rise in nine-month net profit.
Notable gainers outside the PSEi included Shell PH (+5.06 percent) and Global Ferronickel (+8.33 percent).
“We expect the PSEi to carry a lot of volatility this week, with trend bias still on the bearish side,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.