Week off to sleepy start as PSEi loses 0.54%
The local stock market started the week on a listless mood as investors remained jittery over the significant number of COVID-19 cases.
The Philippine Stock Exchange index (PSEi) slipped by 35.05 points, or 0.54 percent, to close at 6,459.76 on Monday.
“It was a slow start to the week as the lack of good news regarding the public health situation has resulted in slightly higher selling pressure coupled with the lack of buying, in turn resulting in the main index ending at its lowest level for the day,” said Christopher Mangun, head of research at AAA Equities.
“We expect it to continue with this trend until investors can determine what the economy will look like in the coming months,” he added.
The main index was weighed down by the industrial, holding firm, services and property counters, which all slipped by less than 1 percent.
On the other hand, the mining/oil counter added 1.02 percent, while the financial counter gained less than 1 percent.
Value turnover was thin at P4.89 billion. There was P704.45 million worth of net foreign selling.
There were 119 decliners that outnumbered 81 advancers, while 47 stocks were unchanged.
The PSEi was dragged down by Megaworld, which fell by 4.44 percent. This marked the property developer’s fifth straight day of losses.
Mangun said this was due to reports of a mass exodus in the Philippine offshore gaming operator (Pogo) industry. “The company has been sensitive to developments in the Pogo industry due to the exposure of its office leasing segment,” Mangun said.
Security Bank likewise fell by 3.2 percent.
Ayala Corp. and Jollibee both declined by close to 2 percent, while SM Prime and PLDT lost nearly 1 percent.
SM Investments and JG Summit slipped by less than 1 percent.
Outside the PSEi, notable decliners included GMA7, which slid by 12.72 percent.
