Stocks end lower on regional weakness

The benchmark Philippine Stock Exchange index (PSEi) ended lower Monday, mirroring weak sentiments across the region after China cut bank reserve levels, freeing up cash to prop up its economy.

The PSEi dropped 0.39 percent, or 27.38 points, to 7,050.82 while the broader All-Shares index was down 0.36 percent to 4,347.84.

Subsectors came in mixed on Monday. Services and mining and oil gained 0.23 percent and 1.21 percent, respectively. Decliners were led by industrial, down 0.7 percent, followed by holding firms, down 0.51 percent and property, down 0.27 percent.

Volume was relatively low. Data from the PSE showed that 769.2 million shares changed hands valued at almost P4 billion. There were 71 gainers against 115 losers while 56 companies closed unchanged.

Ayala Land Inc. was the most actively traded on Monday. It closed unchanged at P39 a share.

It was followed by SM Investments Corp., down 0.46 percent to P866; SM Prime Holdings, down 0.87 percent to P34; Globe Telecom, up 2.64 percent to P2,330, and PLDT Inc., up 1.8 percent to P1,415 a share.

Other actively traded companies were Jollibee Foods Corp., down 1.62 percent to P243; BDO Unibank Inc., down 1.04 percent to P114; Megawide Construction Corp., up 4.14 percent to P14.60; Security Bank Corp., unchanged at P144.80, and Ayala Corp., down 0.53 percent to P930 per share.