PSEi sinks below 6,000 as investors let go of blue chip stocks

The benchmark Philippine Stock Exchange Index (PSEi) sank below the 6,000 level anew on Monday as investors shed their holdings in some of the country’s largest companies. By the closing bell, the PSEi was down 1.03 percent, or 61.82 points, to 5,943.58 while the broader all-shares index lost 0.91 percent, or 32.49 points, to 3,540.57.

“The PSEi ended lower today as blue chips continue to get sold down,” Chris Mangun, research head at stockbrokerage firm AAA Equities, said in a note to investors.

He noted that investors shifted to stocks deemed resilient during the health crisis such as major food, telecommunications and retail names like Universal Robina Corp., PLDT Inc. and Puregold Price Club.Even with the decline of the PSEi, subsectors such as mining and oil, industrial and services rose. Property led the session’s losers with a 2.53-percent decline.

Mangun said developers such as Ayala Land and SM Prime—two of the country’s largest mall operators—moved downward as prospects for shopping centers remained dim amid the pandemic.

A total of 2.28 billion shares valued at P10.27 billion changed hands on Monday. There were 112 decliners versus 72 gainers while 59 companies closed unchanged.

Liquor giant Emperador Inc. was the most actively traded on Monday as it lost 0.2 percent to P10.80 per share.

It was followed by SM Investments Corp., down 1.89 percent to P883; BDO Unibank Inc., down 2.25 percent to P87.05; Ayala Land Inc., down 2.39 percent to P30.60 and SM Prime Holdings, down 3.23 percent to P30 per share.—Miguel R. Camus INQ