PH shares slip on foreign selling

The local stock market started the week trading with little risk-taking and scant volume, uninspired by the upswing across regional markets.

The Philippine Stock Exchange index (PSEi) fell by 62.6 points, or 1.13 percent, to close at 5,479.35 on Monday as foreign investors continued to dump local stocks.

Everyone is on a wait-and-see mode as Metro Manila started to reopen for business even as threat from the coronavirus pandemic remained.

On Monday, the PSEi was weighed down most by the financial, industrial and holding firm counters, which all fell by over 1 percent.

The services and mining/oil counters also ended in the red.

On the other hand, the property counter eked out a marginal 0.27-percent gain.

Value turnover was thin at P3.95 billion. There was P342.68 million in net foreign selling.

There were 141 decliners that overwhelmed 56 advancers, while 32 stocks were unchanged.

The PSEi was weighed down most by Ayala Corp. and Metropolitan Bank and Trust Co., which both fell by over 4 percent.

BDO Unibank Inc., Universal Robina Corp., GT Capital and JG Summit all declined by over 3 percent, while Ayala Land lost 2.03 percent. INQ