PSEi falls 0.28% as market waits for updates on US-China row

The benchmark Philippine Stock Exchange Index (PSEi) declined on Monday as investors stayed on the sidelines as negotiators from the United States and China prepared for another round of talks aimed at resolving a trade row.

The PSEi dropped 0.28 percent, or 21.38 points, to 7,683.22 while the broader all-shares index was down 0.2 percent, or 9.43 points, to 4,666.17.

The subsectors on Monday ended mixed. Mining and oil led gainers as it jumped 1.59 percent, followed by property, up 0.59 percent, and services, up 0.38 percent.

Financials sank the most as it lost 0.86 percent, followed by holding firms, down 0.63 percent and industrial stocks, down 0.16 percent.

Volume was also subdued on Monday with 712.03 million shares valued at P5.84 billion changing hands.

There were 86 decliners versus 97 gainers while 57 companies closed unchanged.

Axelum Resources Corp., a coconut products maker which made its trading debut on Monday, was also the most active stock for the session. Axelum dropped 6.2 percent to P4.69 per share.

It was followed by SM Investments Corp., down 1.52 percent to P975; Jollibee Foods Corp., down 0.09 percent to P220; Ayala Land Inc., up 0.65 percent to P46.50 and SM Prime Holdings, up 0.53 percent to P37.95 per share.—MIGUEL R. CAMUS