PSEi tumbles as investors brace for IPOs

The local stock barometer dipped to the 7,700 mark on Monday, defying mostly firmer regional markets, as investors brace for two upcoming initial public offerings (IPOs).

The main-share Philippine Stock Exchange index shed 42.6 points or 0.55 percent to close at 7,772.93.

Apart from some profit-taking after the PSEi’s strong run-up, dealers said some investors were readying funds to subscribe to two IPOs coming to market this week: Eagle Cement Corp. and Cebu Landmasters Inc.

Investors also priced in the last stream of local corporate earnings during the day.

The market was weighed down most by the industrial, services and property counters which all declined by over 1 percent.

Only the holding firm counter ended slightly higher.

Value turnover for the day amounted to P7.47 billion. Despite the PSEi’s decline, foreigners were net buyers to the tune of P109.05 million.

There were 112 decliners that edged out 85 advancers while 50 stocks were unchanged.

The PSEi was led lower by PLDT, which slumped by 4.33 percent while Ayala Land tumbled by 3.97 percent.

Jollibee slipped by 2.83 percent while Security Bank, GT Capital and Globe Telecom all gained over 1 percent.

Semirara and BPI also declined.

On the other hand, AGI gained 4.11 percent while Metrobank and JG Summit rose by over 2 percent.

ICTSI gained 1.14 percent while SM Prime, SM Investments and DMCI also firmed up.

Outside of the PSEi, one notable gainer was Bloomberry which rose by 0.9 percent after posting strong first quarter results.

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