PH shares retreat in choppy start to ‘busy’ week
Philippine stocks pulled back on Monday as investors positioned ahead of fourth quarter growth data and a series of US Federal Reserve announcements that would provide more clarity on upcoming interest rate hikes.
The benchmark Philippine Stock Exchange (PSE) index slid lower by 0.56 percent, or 40.88 points, to 7,252.64 while the broader all-shares index was down 0.57 percent, or 21.89 points, to 3,847.51.
“Philippine shares closed in the red as [investors are] beginning to make bets ahead of a busy week on the economic calendar,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Monday.
He added the upcoming Federal Reserve meeting would “likely set the tone for how markets are going to fare throughout the week.”
“Investors [are] awaiting any new clues on how much the central bank will raise interest rates this year and when it will start,” he said.
All subcounters closed red on Monday with financials and mining and oil dropping the most at 1.27 percent and 1.22 percent, respectively.
Holding firms fell 0.68 percent, followed by services, down 0.57 percent, industrial, down 0.33 percent, and property, down 0.02 percent.
PSE data showed 1.96 billion shares valued at P6.05 billion traded while foreigners appeared on the buying side, with net purchases amounting to P117.84 million.
There were 127 losers against 62 gainers while 48 companies closed unchanged.
Solar Philippines Nueva Ecija Corp. was the most actively traded on Monday as it jumped 13.29 percent to P1.96 per share.
It was followed by newly listed Figaro Coffee Group Inc., up 2.67 percent to P0.77; International Container Terminal Services, up 0.55 percent to P201; Monde Nissin Corp., up 0.85 percent to P16.64; and SM Prime Holdings Inc., down 0.86 percent to P34.40 per share.
Other large movers were Converge ICT Solutions Inc., down 1.29 percent to P30.60; Globe Telecom, down 1.75 percent to P3,260; Ayala Land Inc., up 1.3 percent to P35.10; Metropolitan Bank & Trust Co., down 0.52 percent to P57; and AC Energy Corp., down 0.62 percent to P9.59 per share. INQ
