PSEi loses 7,000 foothold as Fed vigil begins

The benchmark Philippine Stock Exchange index (PSEi) corrected lower on Monday as it closed below the 7,000 level for the first time since entering a technical bull market last Jan. 13.

The PSEi shed 1.15 percent, or 81.19 points, to 6,970.97 while the broader All Shares index lost 1.02 percent, or 37.67 points, to 3,659.96.

Market pullbacks are typical even when market conditions are bullish. Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said Monday’s drop came as investors remained cautious ahead of the US Federal Reserve’s interest rate decision this week.

Stock market data showed 1.21 billion shares valued at P8.3 billion changing hands while foreigners were net buyers of an amount totaling P135.02 million.

Mining and oil (-3.25 percent), property (-2.21 percent), industrial (-1.53 percent), services (-1.35 percent) and holding firms (-1.08 percent) fell lower while financials (+0.51 percent) gained.

BDO Unibank Inc. was the top traded stock as it rose 0.82 percent to P123 per share.

Overall, there were 147 losers against 57 advancers while 38 companies closed unchanged.