Bulls falter as 6,900 foothold collapses

MANILA, Philippines  —The benchmark Philippine Stock Exchange Index (PSEi) pulled back on Monday as the bulls struggled to regain their footing after failing to claim the 7,000 level last week.

By the closing bell on Monday, the PSEi slipped 0.31 percent, or 21.72 points, to 6,891.49 while the broader All Shares index slipped 0.21 percent, or 7.63 points, to 3,600.49.

“Philippine shares slipped below the 6,900 level as investors took profit right before the close of February and the latest MSCI rebalancing,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Monday.

Stocks slumped during another low-volume session as 677 million shares valued at P4.24 billion changed hands, while foreigners bought a net amount worth P39.5 million.

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PSE subsectors were mixed as industrial, mining and oil and holding firms rose while property, financials and services retreated.

BDO Unibank was the top traded stock as it lost 2.67 percent to P149.50 per share.

It was followed by International Container Terminal Services Inc., down 0.36 percent to P278; SM Prime Holdings Inc., down 1.20 percent to P32.80; Ayala Land Inc., down 4.30 percent to P35.60; and Bank of the Philippine Islands, up 0.92 percent to P121.10 per share.

Ayala Corp. was up 0.42 percent to P707; SM Investments Corp., up 0.94 percent to P916.50; Metropolitan Bank & Trust Co., up 1.06 percent to P61.85; Universal Robina Corp., down 0.70 percent to P113.20; and PLDT Inc., up 0.31 percent to P1,294 per share. Overall, there were 89 winners against 78 losers while 65 companies closed unchanged, data from the stock exchange showed.