PSEi gains slightly in thin trading

Philippine stocks started the week higher, albeit on relatively weak volume, even as some analysts expected a near-term pullback.

The benchmark Philippine Stock Exchange index (PSEi) was up 0.49 percent, or 43.1 points, to 8,857.72 on Monday. The broader All-shares index was up 0.55 percent, or 28 points, to 5,126.59.

The increase came as total volume stood at 735.8 million valued at P5.6 billion by the session’s close. Decliners led advancers, 109 to 99, while 52 companies ended the day unchanged.

Financials and services were the two losers among subindices, posting declines of 0.87 percent and 0.06 percent, respectively.

Mining and oil was up 1.3 percent, followed by industrial, up 1.04 percent, and holding firms, up 1.02 percent.

Among active players, property developer Megaworld Corp. was the most traded with a 4.31-percent drop to P4.88 a share.

It was followed by Jollibee Foods Corp., up 3.45 percent to P263.80; BDO Unibank Inc., down 1.15 percent to P163; SM Investments Corp., up 1.07 percent to P1,040, and Ayala Land Inc., up 1.01 percent to P44.80 a share.

Other actively traded companies were SM Prime Holdings Inc., up 1.16 percent to P39.35; Universal Robina Corp., up 0.61 percent to P164; Ayala Corp., up 1.88 percent to P1,085; Metropolitan Bank and Trust Co., down 2.46 percent to P107, and Bank of the Philippine Islands, down 0.26 percent to P116.50 a share.