Philippine stocks were off to a sluggish start to the week as investors weighed continued geopolitical risks arising from Russia’s invasion of Ukraine ahead of the Monetary Board’s policy meeting on Thursday.
The benchmark Philippine Stock Exchange Index (PSEi) dropped 0.73 percent, or 51.03 points, to 6,956.60 while the broader all-shares index shed 0.55 percent, or 20.41 points, to 3,697.63.
Asian stocks pulled back amid reports Ukraine rejected Russia’s demand to surrender the port city of Mariupol.
Meanwhile, additional fuel price rollbacks may not be in the offing yet amid warnings of a dangerous supply crunch from Russia.
2% borrowing rate
UK-based research firm Capital Economics said the Bangko Sentral ng Pilipinas would likely keep its overnight borrowing rate at 2 percent throughout the year to support economic growth despite the rising threat of inflation.
The mining and oil subindex fell 2.22 percent while services gained 0.39 percent.
Industrial, property, holding firms and financials also closed lower on Monday.
A total of 974.77 million shares valued at P7.60 billion changed hands as net foreign selling hit P860.2 million.
There were 103 losers against 78 advancers while 53 companies closed unchanged, PSE data showed.
SM Investments Corp., down 2.49 percent to P880 per share, was the most actively traded on Monday.
It was followed by International Container Terminal Services Inc., down 2.05 percent to P220.20; Ayala Land Inc., down 2.12 percent to P34.70; SM Prime Holdings Inc., up 0.52 percent to P38.85; and Monde Nissin Corp., down 4.46 percent to P13.70 per share.
Other active names were BDO Unibank Inc., down 1.33 percent to P126.10; Converge ICT Solutions Inc., up 2.78 percent to P25.90; PLDT Inc., up 2.61 percent to P1,730; Solar Philippines Nueva Ecija Corp., down 3.30 percent to P1.76; and Metropolitan Bank & Trust Co., down 1.33 percent to P51.10 per share. INQ