PSEi takes few steps back ahead of BSP meet

Philippine stocks slid lower on Monday ahead of a key policy meeting by the Bangko Sentral ng Pilipinas this week and as investors sought direction from markets overseas.

Regional bourses closed mixed yesterday.

The benchmark Philippine Stock Exchange Index (PSEi) on Monday dropped 0.39 percent, or 28.45 points, to 7,316.57. The broader all-shares index was down 0.29 percent to 4,404.34.

Only holding companies ended positive with a gain of 0.07 percent.

Losing subsectors were led by property, which was down 1.03 percent; followed by financials, down 0.84 percent; and mining and oil, down 0.49 percent.

A total of 1.27 billion shares valued at P7 billion changed hands. There were 64 companies that gained against 111 losers, with 59 companies closing unchanged.

International Container Terminal Services Inc. led the list of most actively traded companies, but declined 0.7 percent to P85.45 per share.

It was followed by Metropolitan Bank and Trust Co., which was unchanged at P80. SM Investments Corp. was down 0.45 percent to P659; Metro Pacific Investments Corp., down 2.46 percent to P6.34; and Cemex Holdings Philippines Inc., up 3.33 percent to P7.75 per share.