Surge in telco stocks fails to lift tepid PSEi

The benchmark Philippine Stock Exchange Index (PSEi) closed slightly lower after an uneventful session that saw telcos and internet providers shine.

On Monday, the PSEi shed 0.03 percent, or 2.37 points, to 6,968.14 while the broader all-shares index rose 0.05 percent to 4,304.86.

With few local drivers, investors were looking toward indicators overseas as regional markets pulled back on worries accelerating inflation in the United States economy could prompt the Federal Reserve to hasten its timeline for raising interest rates.

Among PSE subsectors, property fell the most at 0.72 percent, followed by mining and oil down 0.5 percent, and holding firms down 0.37 percent.

Services, however, rose 1.56 percent due to the strong performance of Globe Telecom, PLDT Inc. and Converge ICT Solutions.

Adding to the downward pressure were foreign investors, who were net sellers on Monday to the tune of P164.38 million.

Data from the PSE showed a total of 1.75 billion shares valued at P5 billion changing hands on Monday. Losers outnumbered gainers 119 to 76 while 49 companies closed unchanged.

Telco giant Globe Telecom was the most actively traded on Monday as it gained 7.97 percent to P3,090 per share.

It was followed by Converge ICT Solutions Inc., up 3.25 percent to P33.35, AC Energy Corp., up 0.98 percent to P10.26, PLDT Inc., up 1.59 percent to P1,469 and Monde Nissin Corp., up 0.57 percent to P17.58 per share.

Other actively traded companies were LT Group Inc., down 1.32 percent to P9, International Container Terminal Services Inc., up 0.53 percent to P191, Ayala Land Inc., down 2.17 percent to P33.75, Robinsons Retail Holdings Inc., down 0.2 percent to P49.65 and SM Prime Holdings Inc., up 0.45 percent to P33.60 per share.

—Miguel R. Camus INQ