PH shares tread water as Israel, Hamas war unfolds
MANILA -Philippine stocks closed relatively flat on Monday as investors took a wait-and-see approach in the wake of the violent conflict in the Middle East over the weekend.
By the closing bell, the benchmark Philippine Stock Exchange index (PSEi) slipped 0.12 percent, or 7.79 points, to 6,252.16 while the broader All Shares index was up 0.02 percent, or 0.78 points, to 3,380.05.
“The index slipped and value turnover fell as investors reacted to the armed conflict between Israel and Hamas that threatens to destabilize the Middle East,” Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., said in a note to investors on Monday.
“Many market participants opted to stay on the sidelines as they adopted a wait-and-see stance while the situation unfolds,” he added.
READ: U.S. stocks futures slip, oil surges on Middle East violence
Financials and holding firms closed in the red. Mining and oil (+0.92 percent) outperformed as commodities gained. A total of 771.5 million shares valued at P5.71 billion changed hands while foreigners sold a net amount of nearly P3 billion. This was mainly due to the P2.7-billion block sale of Shakey’s Pizza Asia shares to firms controlled by the Po and Gokongwei families.
Aboitiz Power Corp. was the top traded stock on Monday as it rose 3.48 percent to P35.70 per share.
It was followed by ACEN Corp., up 3.07 percent to P5.38; GT Capital Holdings Inc., down 1.75 percent to P560; SM Prime Holdings Inc., down 0.49 percent to P30.55 and Metropolitan Bank & Trust Co., down 0.57 percent to P51.90 per share. BDO Unibank Inc. was down 0.36 percent to P139.20; SM Investments Corp., down 0.36 percent to P830; and Ayala Corp., down 0.73 percent to P616 per share.
Overall, there were 94 advancers against 86 losers while 56 companies closed unchanged, data from the stock exchange showed.
