PSEi skids as investors secure previous gains
The stock barometer slipped on Monday as investors pocketed recent gains from selected blue chips.
The main-share Philippine Stock Exchange index (PSEi) fell by 20.03 points, or 0.29 percent, to close at 6,877.10. Elsewhere in the region, most markets climbed as the disappointing US jobs data in August boosted expectations that the US Federal Reserve would continue its aggressive monetary stimulus.
The Fed’s dovish stance has recently revived risk appetite for stocks.
At the local front, investors likewise looked forward to the easing of quarantine restrictions even as new COVID-19 infections remained high.
The index was weighed down most by the holding firm and services counters, which both slipped by less than 1 percent.
On the other hand, the mining/oil counter gained 2.15 percent, while the financial, industrial and property counters all added less than 1 percent.
The holding firm and services counters both slipped by less than 1 percent.
Despite the PSEi’s decline, market breadth was positive. There were 95 advancers that outnumbered 86 decliners, while 57 companies were unchanged.
Local investors were mostly the ones who trimmed their stockholdings, while foreigners posted a net buying worth P263.05 million.
Index heavyweights SM Investments and SM Prime dragged down the main index as they fell by 2.16 percent and 1.47 percent, respectively.
Converge, Aboitiz Power and URC also fell by over 1 percent.
Globe Telecom, PLDT and BPI all declined by less than 1 percent.
Meanwhile, Jollibee gained 2.69 percent, while BDO and LTG both added over 1 percent.
ICTSI, GT Capital, Metrobank, JG Summit and Ayala all firmed up by less than 1 percent.
