PH shares start week in negative territory

The local stock barometer started the week on a sluggish note as strong US data leads from the US failed to perk up regional markets.

The Philippine Stock Exchange index (PSEi) shed 51.86 points or 0.66 percent to close at 7,837.47.

The market was weighed down most by services, which tumbled by 1.02 percent, while industrial, holding firm, mining/oil and property counters also slipped.

Only the financial counter ended higher for the period.

Total value turnover for the day amounted to P7.09 billion. There was meager net foreign buying amounting to P35.5 million.

“Markets kicked off in negative territory this week as stronger economic data in the US decreased weight appetite in developing markets. Wall Street closed on a positive note last Friday after US hiring picked up in June, adding 222,000 jobs, beating estimates,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

At the local market, there were 104 decliners that edged out 91 advancers while 51 stocks were unchanged.

The PSEi was weighed down most by EDC, which fell by 5.63 percent, and PLDT which slid by 3.3 percent.

URC and DMCI both fell by over 1 percent while SM Investments, Ayala Land and Meralco also slipped.

Notable decliners outside the PSEi included IRC, which fell by 4.35 percent, while East West fell by 3.28 percent as pundits pocketed gains after a recent run-up.

On the other hand, Puregold gained 2.77 percent while Metrobank added 1.51 percent. BDO and BPI also gained.

Stock pundits also gobbled up some non-PSEi stocks, like property stocks GERI and FLI, which respectively surged by 13.29 percent and 5.2 percent. Retailer SSI and electronics manufacturing service provider IMI both gained over 5 percent.