Muffled slip for PSEi on Monday’s sluggish trade

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

The main-share Philippine Stock Exchange index (PSEi) shed 7.25 points or 0.09 percent to close at 7,719.47 on Monday.

The PSEi has now pulled back by 1,358.9 points or around 15 percent since peaking at 9,078.37 last Jan. 29.

Local stock brokerage Papa Securities said there may be some upside in the near term, but noted that “this may be short-lived as the index’ current downtrend may further persist after this.”

All counters ended lower, but the most battered was the mining/oil counter which fell by 1.4 percent. Global oil prices held at the $69 per barrel level as initiatives from oil-producing nations to curb supply were offset by additional US drilling activities.

Value turnover was thin at P5.48 billion. There were 103 decliners that edged out 99 advancers, while 57 stocks were unchanged.

Investors sold down shares of Metro Pacific, which fell by 3.45 percent, while BDO Unibank and GT Capital slipped by over 2 percent.

BDO’s P31-billion full year profit guidance was below market consensus. For the first quarter, BDO’s P5.9 billion net profit accounted for 19 percent of the full-year goal. It was also flat from the previous year’s level.

Shares of JG Summit, ICTSI and Security Bank all fell by over 1 percent.

Notable decliners outside the PSEi included Megawide, which fell by 3.35 percent after last week’s sharp gains. Philrealty, which announced the issuance of new shares to affiliates in exchange for some real estate assets, slid by 14.71 percent.

On the other hand, Metrobank, Jollibee and BPI all gained over 1 percent. Ayala Land, SM Investments and SM Prime also firmed up.

Outside of the PSEi, one notable gainer was Prime Orion, which added 5.26 percent. Vitarich also rose by 1.27 percent.