Stocks end slightly lower in thin trade

Philippine stocks closed slightly lower on Monday mainly as investors stayed on the sidelines given geopolitical uncertainties overseas.

The benchmark Philippine Stock Exchange Index (PSEi) was down 0.06 percent, or 4.61 points, to 7,642.90. The broader All-Shares index was also lower by 0.14 percent yesterday.

“Philippine markets closed slightly in the red with lack of activity from their US counterparts, which are still enjoying the long weekend and developments regarding the US and North Korea kept investors on the sidelines,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said.

Trading volume was relatively thin, with 501.9 million shares valued at P5.38 billion changing hands. There were 129 losers against 74 gainers while 38 companies closed unchanged.

Subsectors also closed mixed on Monday. Financials, mining and oil companies as well as holding firms enjoyed gains. The services subindex was the big loser, with a 1.94-percent drop, dragged lower by by PLDT Inc.’s steep decline.

Metropolitan Bank and Trust Co. was the most actively traded. It declined 0.43 percent to P81.65 a share yesterday.

This was followed by NOW Corp., up 8.38 percent to P11.64; SM Prime Holdings Inc., unchanged at P38; Ayala Land Inc., down 0.24 percent at P41.20, and PLDT Inc., down 6.16 percent to P1,295 a share.