PSEi falters after MSCI ejects Monde Nissin

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) fell nearly 100 points on Friday as investors reacted to the news that food conglomerate Monde Nissin Corp. would be deleted from the closely followed MSCI index.

The PSEi dropped 1.46 percent, or 97.31 points, to 6,578.15 while the broader All Shares index lost 1.14 percent, or 40.53 points, to 3,501.95.

Index member Monde Nissin was among the top losers during the session after the MSCI said it would be deleted from the Philippines index on May 31. There were no other additions or removals in the latest MSCI rebalancing.

Meanwhile, a total of 610.9 million shares valued at P5.51 billion changed hands while foreigners were net buyers of an amount worth P63.43 million, data from the stock exchange showed.

All PSE subsectors closed in the red with property (-2.04 percent) taking the lead, followed by holding firms (-1.27 percent), industrial (-1.24 percent), financials (-1.20 percent), services (-0.93 percent) and mining and oil (-0.57 percent).

SM Prime Holdings Inc. was the top traded stock as it slipped 2.89 percent to P33.60 per share.

It was followed by Monde Nissin, down 8.26 percent to P8.55; Ayala Corp., down 0.66 percent to P673.50; Ayala Land Inc., down 1.85 percent to P26.50; and PLDT Inc., up 2.24 percent to P1,235 per share.

Overall, there were 105 losers against 62 advancers while 54 companies closed unchanged.