Share turnover lowest in years as investors shun PH equities
MANILA -The Philippine Stock Exchange index (PSEi) struggled on Monday as weak interest in stock trading decimated market activity, with value turnover slipping below P1.5 billion.
By the closing bell, the benchmark index shed 0.74 percent, or 45.75 points, to 6,116.14, while the broader All Shares index was down 0.64 percent, or 21.34 points, to 3,295.52.
Notably, value turnover fell to P1.37 billion on Monday—a multiyear low, according to COL Financial Group chief equity strategist April Lynn Tan.
She said the market typically enters a “no interest phase” during a prolonged downtrend before the cycle reverses and a new bull market phase begins.
Investors were also staying on the sidelines ahead of the release of US inflation for October and the upcoming policy meeting of the Bangko Sentral ng Pilipinas.
All PSE subsectors were down on Monday, led by mining and oil (-1.41 percent) and services (-1.28 percent).
Converge ICT Solutions Inc. was the top traded stock as it slipped 4.45 percent to P8.38 per share.
It was followed by Ayala Land Inc., down 0.35 percent to P2.85; International Container Terminal Services Inc., down 1.73 percent to P205; BDO Unibank Inc., down 0.75 percent to P132.80; and SM Prime Holdings Inc., down 1.59 percent to P30.90 per share.
Ayala Corp. was down 1.12 percent to P620; GT Capital Holdings Inc., up 0.37 percent to P540; Security Bank Corp., down 3.24 percent to P71.60; Bank of the Philippine Islands, down 1.06 percent to P103; and Globe Telecom, down 0.39 percent to P1,766 per share.
Overall, there were 106 losers against 57 gainers, while 52 companies closed unchanged, data from the stock exchange showed.
