Equities succumb to profit-taking
Philippine shares closed lower on Monday as investors pocketed profits following recent gains.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) sank 0.87 percent, or 58.48 points, to 6,687.85 while the broader all-shares index shed 0.61 percent, or 22.03 points, to 3,591.21.
Shares pulled back as the PSEi neared the 6,800 “resistance” level identified by stock market analysts as susceptible to heavy selling.
Large banks such as BDO Unibank Inc. and Bank of the Philippine Islands pulled down the financials subsector by 1.81 percent. Industrials dropped 0.99 percent while services were down 0.7 percent as Converge ICT Solutions fell over 6 percent.
Property stocks and holding firms also slipped 0.42 percent and 0.43 percent, respectively, while mining and oil gained 0.62 percent.
Trading volume likewise declined, with 1.22 billion shares valued at P6.64 billion changing hands. There were 113 losers versus 72 advancers while 58 companies closed unchanged.
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Converge ICT was the top traded company as it tumbled 6.24 percent to P26.30 per share.
Article continues after this advertisementIt was followed by SM Prime Holdings Inc., up 0.4 percent to P37.95; Ayala Land Inc., down 1.72 percent to P28.50; BDO Unibank, down 1.63 percent to P126.80; and International Container Terminal Services Inc., down 0.1 percent to P210 per share.
Other active names were: Monde Nissin Corp., down 0.38 percent to P15.92 per share; SM Investments Corp., up 0.36 percent to P848; Globe Telecom, up 1.76 percent to P2,550; Semirara Mining and Power Corp., flat at P32.50; and Bank of the Philippine Islands, down 3.57 percent to P94.50 per share.
