PH shares sink on negative sentiment

The benchmark Philippine Stock Exchange Index (PSEi) sank on Monday amid thin trading volume and as negative sentiments across the region weighed on local equities.

By the closing bell yesterday, the PSEi had lost 0.82 percent, or 66.42 points, to 8,051.52 while the broader all-shares index sank 0.65 percent, or 32.2 points, to 4,913.47.

Regional indices slumped on Monday after the United States released disappointing employment numbers, putting into doubt further rate cuts by the powerful US Federal Reserve. Investors stayed on the sidelines even as First Metro Investment Corp., during its midyear market briefing, still expected the PSEi to hit the 8,400-8,800 levels.

All subsectors, save for mining and oil’s 0.39 percent gain, ended on the red on Monday. Losers were led by services, down 1.36 percent. Globe Telecom and PLDT Inc. each dropped almost 3 percent ahead of the award of third telco Mislatel Consortium’s permit to operate on Monday.

A total of 949 million shares valued at P5.6 billion changed hands on Monday. There were 119 losers against 74 gainers while 50 companies closed unchanged.

Property giant Ayala Land Inc. was the most actively traded on Monday as it dipped 0.19 percent to P52.10 per share.

It was followed by Universal Robina Corp., which rose 1.14 percent to P178; International Container Terminal Services, down 1.73 percent to P142.20; SM Prime Holdings, down 1.18 percent to P37.80; and Metropolitan Bank & Trust, down 0.21 percent to P71.60 a share.

Other actively traded companies were Ayala Corp., up 1.1 percent to P920; Chelsea Logistics and Infrastructure, up 5 percent to P9.02; First Gen Corp., up 2.04 percent to P27.50; San Miguel Food and Beverage, down 1.25 percent to P102.80; and Megawide Construction Corp., up 1.67 percent to P18.30 per share.