PSEi falls below 6,700 as investors pocket gains

Investors trying to book profits after last week’s strong performance again pulled the bourse below the 6,700 level on Monday.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) lost 1.14 percent, or 76.78 points, to 6,649.23.Meanwhile, the broader All Shares Index shed 0.68 percent, or 24.77 points, to close at 3,605.33. A total of 658.32 million shares worth P5.06 billion changed hands, stock exchange data showed.

Claire Alviar, research analyst at Philstocks Financial Inc., said foreign investors also weighed on the market, with a net foreign outflow of P500.43 million.

“Investors were waiting for the Federal Reserve meeting, which could influence the Bangko Sentral ng Pilipinas’ decision regarding interest rates,” Alviar said.

Banks recorded the biggest loss at 2.65 percent, as BDO Unibank Inc.—despite posting record-high first half earnings—and Bank of the Philippine Islands slid by more than 3 percent.

Sy family-led SM Investments Corp. was the top-traded stock as it declined by 0.27 percent to P917 each.

It was followed by International Container Terminal Services Inc., down 1.41 percent to P350; BDO, down 3.77 percent to P140.50; ACEN Corp., which surged by 6.19 percent to P5.32; and SM Prime Holdings Inc., down 1.18 percent to P29.40. —Meg J. Adonis INQ