Local stocks track weakness of regional markets

The local stock barometer started the week on a sluggish note, tracking lackluster trading across regional markets.

The Philippine Stock Exchange index (PSEi) shed 3.42 points or 0.04 percent to close at 8,361.69. The main index pulled back to as low as 8,261.28 in intraday trade but bounced to close at the day’s high.

“Philippine markets traded mostly in the red. Portfolios are once again making adjustments ahead of the window-dressing period,” said Luis Gerardo Limlingan, managing director a Regina Capital Development.

The day’s decline was led by the industrial counter, which fell by 1.04 percent, while the financial counter also slipped.

On the other hand, the mining/oil counter gained by 1.42 percent while the holding firm, services and property counters also firmed up.

Value turnover for the day was relatively thin at P6.34 billion. There were 102 decliners that outnumbered 96 advancers while 46 stocks were unchanged.

The PSEi was weighed down most by URC, which fell by 2.81 percent, while Ayala land, SM Investments, PLDT, Jollibee and Metrobank all declined by more than 1 percent.

Meralco, BDO and BPI also weighed down the index.

Outside of PSEi stocks, notable decliners included MRC (-1.16 percent) and Manila Water (-2.6 percent).

On the other hand, Robinsons Land gained 4.05 percent, while SM Prime added 2.22 percent.

Globe rose by 1.12 percent while Alliance Global Group Inc. also firmed up.

Notable gainers outside the PSEi were Cemex Holdings and Melco Resorts, which respectively surged by 8.76 percent and 5.97 percent in heavy trade.

Elsewhere in the region, stocks markets also mostly pulled back from a decade high, tracking the weakness in the Chinese and South Korean markets.