Water woes drench Ayala shares, while PSEi falls on slippery ground

The benchmark Philippine Stock Exchange Index (PSEi) fell on Monday while regional bourses ended mixed as investors digested the implications of the latest United States-China trade accord.

The PSEi dropped 2.24 percent, or 176.03 points, to 7,701.60 while the broader all-shares index lost 1.72 percent or 80.2 points to 4,581.89.

The US and China had just signed the first phase of an interim deal. Under this agreement, the US will not push through with another round of tariffs while China promised to purchase more US agricultural goods.

Critics said the deal lacked specific details, causing a selloff in some markets, including the Philippines.For local indices, only mining and oil ended in positive territory with a 1.12-percent gain.

Holding firms, down 2.41 percent, led the day’s losers as Ayala Corp., which owns the embattled Manila Water Co. Inc., fell on heavy volume.

It was followed by financials, down by 2.35 percent, and property, down by 2.19 percent.Data from the PSE showed 483.73 million shares valued at P6.23 billion changed hands on Monday.

There were 70 gainers versus 126 decliners, while 73 companies closed unchanged.Conglomerate Ayala Corp. was also the most actively traded on Monday as it sank 3.84 percent to P752 per share.

It was followed by Ayala Land Inc., down 2.45 percent to P45.75; Metro Pacific Investments Corp., up 1.33 percent to P3.05; SM Investments Corp., down 1.31 percent to P1,055; and SM Prime Holdings, down 2.39 percent to P40.80 per share. INQ