Shares slip as investors align portfolios with PSEi tweaks
The benchmark Philippine Stock Exchange Index (PSEi) tumbled at the start of the week after conglomerates and property developers retreated.
By the closing bell, the PSEi was down 1.02 percent, or 76.05 points, to 7,380.30 while the broader all-shares index fell 0.87 percent, or 34.33 points, to 3,899.61.
Luis Gerardo Limlingan, managing director at Regina Capital Development, said on Monday this was the result of investors rebalancing their portfolios after the PSE announced new PSEi inclusions.
Emperador Inc. and Monde Nissin would be included in the benchmark measure effective Feb. 14, replacing Robinsons Retail Holdings Inc. and Bloomberry Resorts Corp.
The news provided no relief on Monday, with Emperador and Monde Nissin dropping 5.56 percent and 2.86 percent, respectively.
PSE subsectors ended mixed with holding firms and property shedding 1.87 percent and 1.78 percent each. The industrial and services subindices also lost 1.21 percent and 0.20 percent, respectively.
Financials rose 0.90 percent followed by mining and oil, which added 0.83 percent.
A total of 1.13 billion shares valued at P9.21 billion changed hands while foreigners were net buyers to the tune of P222.55 billion.
PSE data showed 105 losers against 84 gainers, while 51 companies closed unchanged.
Metropolitan Bank & Trust Co. was the most actively traded during the session as it slid lower by 0.25 percent to P59.30 per share.
It was followed by Monde Nissin Corp., down 2.86 percent to P15.60; Bank of the Philippine Islands, up 2 percent to P102; Converge ICT Solutions Inc., up 1.96 percent to P28.55; and Solar Philippines Nueva Ecija Corp., up 6.80 percent to P2.20 per share.
Rounding out the actives list were BDO Unibank Inc., down 0.15 percent to P136.30; SM Investments Corp., down 2.71 percent to P950; Security Bank Corp., up 2.70 percent to P117.80; Ayala Corp., down 0.23 percent to P870; and SM Prime Holdings Inc., down 1.52 percent to P35.60 per share. INQ
