PH shares slide as market awaits US inflation jolt
Philippine shares were down on Monday as volume continued to ebb away and traders took a cautious stance ahead of the release of US inflation results late Tuesday.
By the closing bell, the Philippine Stock Exchange index (PSEi) was down 0.42 percent, or 29.73 points, to 6,988.29 while the broader all-shares index shed 0.30 percent, or 11.24 points, to 3,728.21.
“Philippine shares were quietly sold down as the market lacked major catalysts during the shortened trading week,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Monday.
He added a major catalyst in global markets was the upcoming release of the latest US consumer price index. Limlingan said economists expected US inflation to surge to a “consensus” 8.4 percent.
PSE subsectors were all lower on Monday, led by property and mining and oil’s 0.74-percent and 0.65-percent respective declines.
Industrial stocks tumbled 0.47 percent followed by holding firms, down 0.39 percent; financials, down 0.11 percent; and services, down 0.08 percent.
Total volume fell lower to 882.34 million shares valued at P3.36 billion amid a shortened trading week as the country marks Holy Week.
There were 102 losers against 75 advancers while 55 companies closed unchanged, PSE data showed.
Bank of the Philippine Islands was the most actively traded on Monday as it added 1.52 percent to P100 per share.
It was followed by SM Investments Corp., flat at P865; Ayala Land Inc., down 1.86 percent to P34.30; Semirara Mining and Power Corp., down 1.75 percent to P30.90; and SM Prime Holdings Inc., down 0.13 percent to P37 per share.
Other active names were International Container Terminal Services Inc., down 0.89 percent to P223; Manila Electric Co., down 0.43 percent to P372.40; Cebu Air Inc., up 2.63 percent to P48.70; DMCI Holdings Inc., up 0.44 percent to P9.15; and Converge ICT Solutions Inc., up 1.92 percent to P29.20 per share. INQ
