Local stocks started the week on a sluggish mood, bucking mostly upbeat regional markets, as investors chose caution ahead of Tuesday’s release of the latest Philippine inflation data.
The main-share Philippine Stock Exchange index (PSEi) slipped by 50.65 points or 0.66 percent to close at 7,579.61 on Monday.
“With the [Bangko Sentral ng Pilipinas] BSP’s next [policy-setting] meeting on June 21 fast approaching, we look forward to [Tuesday] morning when May’s inflation data is expected to be released,” Papa Securities analyst Gio Perez said in a research note.
“Even if the figure (Tuesday) only falls within expectations, it may be elevated enough to trigger another hike by the BSP soon, if not in their next meeting,” the research said.
The market was weighed down most by the industrial and holding firm counters, which fell by 1.81 percent and 1.13 percent, respectively.
The financial counter also declined by 0.93 percent.
On the other hand, the mining/oil counter gained 1 percent. The services and property counters also firmed up.
Value turnover was thin at P5.48 billion.
There were 113 decliners that edged out 72 advancers while 58 stocks were unchanged.
Among the most battered PSEi stocks was URC, which slid by 6.21 percent. SM Investments and AEV also declined by over 3 percent.
Jollibee, the day’s most actively traded company, declined by 1.2 percent.
Metrobank, Meralco, BPI and AGI also slipped.
Meanwhile, shares of Metro Alliance surged by 400 percent as a 12-year trading suspension was lifted by the PSE. Due to its long trading suspension, the company was exempted from the daily price increase ceiling of 50 percent.
In a May 28 disclosure, Metro Alliance said it was now positioned to pursue its long-delayed recapitalization program while controlling shareholders signified an intention to make a tender offer once trading of shares normalize.
Metro Alliance said it was weighing options, including expanding into the logistics sector, riding on the distribution track record of one of its subsidiaries.