PSEi down as caution engulfs investors

The local stock market started the week on a sluggish note as investors reassessed gains from the rallies seen in the last two weeks.

The main-share Philippine Stock Exchange index (PSEi) shed 32.42 points, or 0.48 percent, to close on Monday at 6,763.92.

“The PSEi ended slightly lower on low trading volumes as investors tried to get a feel of the sentiment, which is typical for the first trading day of the week. Several blue chips took considerable losses, mainly property issues, as selling pressure picked up while most buyers were on the sidelines,” said Christopher Mangun, head of research at AAA Equities.

The low value turnover “tells us that investors are beginning to turn cautious again, similar to what we are seeing in stock markets abroad,” he added.

Mangun said the PSEi might still come under pressure and test a stronger support level as investors take profits.

The market was weighed down by the financial, holding firm, services and property counters, which all declined by less than 1 percent.

Value turnover stood at only P4.19 billion. There was modest net foreign selling of P96.13 million. —DORIS DUMLAO-ABADILLA INQ