PH shares down as investors turn cautious
The local stock barometer slipped on Monday as more foreign funds flowed out as investors chose to trade with caution across the region.
The main-share Philippine Stock Exchange index (PSEi) lost 23.49 points, or 0.3 percent to close at 7,832.22.
“Vigilance might still be key theme this month as we start September with a few weights on our shoulders from August. First and foremost, the BSP’s Department of Economic Research expects August inflation [to be released this Wednesday, Sept. 5] to reach as high as 6.2 percent with its target range of 5.5 percent-6.2 percent, compared to July’s 5.7 percent,” local stock brokerage Papa Securities said in a research note.
A figure on the higher end of the range might heighten concerns over the BSP’s next monetary policy meeting on Sept. 27, the brokerage said.
“Second of all, emerging market sentiment remains to be a major overhang with Turkey and Argentina’s currencies still in a slump,” the brokerage said.
The market was weighed down by the financial, industrial and property counters, while the holding firms, services and mining/oil counters firmed up.
Value turnover for the day amounted to P5.6 billion. Net foreign selling for the day was heavy at P702.46 million.
There were 101 decliners that edged out 85 advancers while 54 stocks were unchanged.
The PSEi was weighed down most by Ayala Corp. and Jollibee, which both lost over 2 percent.
Ayala Land, BPI and SM Prime all declined by over 1 percent.
BDO and Metrobank also slipped.
On the other hand, AGI gained 3.77 percent and was the day’s most actively traded stock.
SMC also gained 3.55 percent ahead of a massive sale of shares in San Miguel Food and Beverage. This unit also racked up 4.04 percent.
SM Investments, RRHI, ICTSI and AEV also firmed up.
