Stock price index continues to decline
The local stock barometer slipped on Monday as investors remained jittery over the recent global market volatility.
The Philippine Stock Exchange index (PSEi) shed 15.78 points or 0.19 percent to close at 8,487.91, bucking the rebound across regional markets.
Local stockbrokerage Papa Securities said it continued to remain wary even as the US market had ended positively last Friday.
Papa Securities said “it might be best to raise cash, sell on strength near the index’s initial resistance at 8,700 and keep liquid [position] given the possibility of downturn in the US markets.”
Except for the financial counter, which closed slightly higher, all counters slipped. The worst hit was the mining/oil counter which fell by 1.22 percent.
Value turnover was thin at P5.86 billion. Foreign investors were net sellers amounting to P1.27 billion.
There were 118 decliners that edged out 94 advancers while 36 stocks were unchanged.
Meantime, there will be no change in the 30 stocks comprising the PSEi, based on the latest review covering the January-December 2017 period done by the PSE.
Aside from the float requirement of 15 percent, a company must meet the liquidity and capitalization criteria to be considered a PSEi constituent.
All sectoral indices, on the other hand, will see changes in their composition.
The financials index will lose one member, Medco Holdings. The Industrial index will gain two new members, namely Shakey’s Pizza Asia Ventures and SFA Semicon Philippines, but will lose six members: Crown Asia Chemicals, Energy Development Corp., Holcim, Pepsi-Cola, Pryce Corp. and RFM.
No new stock will join the holding firms sector but it will see the removal of Lodestar Investment Holdings, Pacifica and Top Frontier. The property sector will see the addition of Philrealty and the exclusion of Araneta Properties, Cyber Bay and MRC Allied Inc.
Meantime, MacroAsia, PhilWeb and Waterfront will be part of the services index while 2GO Group, Apollo Global Capital, Island Information and Technology, Premiere Horizon Alliance, Travellers International and SBS Philippines will be removed.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.