Philippine shares moved sideways on the first trading day of the month as investors juggled anxiety over the upcoming US presidential elections and local inflation data.
The benchmark Philippine Stock Exchange Index (PSEi) closed nearly flat on Monday as it shed 0.1 percent or 6.86 points to 7,136.1.
Likewise, the broader All Shares Index went down by 0.14 percent or 5.55 points to close at 3,951.66.
READ: Asian markets rise ahead of US election, Chinese stimulus meeting
Value turnover was at P4.65 billion for 588.45 million shares, stock exchange data showed.
Japheth Tantiangco, senior analyst at Philstocks Financial Inc., said investors were maintaining a “cautious stance” while waiting for vital economic data to be released, including October inflation and third-quarter gross domestic product (GDP) growth.
Last week, the Bangko Sentral ng Pilipinas (BSP) said inflation likely accelerated in September and settled between 2 and 2.8 percent from a four-year low of 1.9 percent.
The BSP said this was due to faster growth in prices of vegetables, fruits, fish and petroleum products.
Meanwhile, analysts have projected that Philippine economic growth slowed to 5.9 percent in the third quarter from 6.3 percent in the previous quarter on the back of a smaller increase in public spending.
Tantiangco likewise noted that the US presidential polls weighed on sentiment. Survey results in the world’s largest economy have been showing a neck-and-neck battle between former US President Donald Trump and Vice President Kamala Harris.
READ: Here’s what to watch as Election Day approaches in the US
Investors snapped up the shares of conglomerates and services firms while shedding all other subsectors.
Sy family-led BDO Unibank Inc. was the most actively traded stock as it declined by 0.85 percent to P151.50 each.
It was followed by Ayala Land Inc., up 0.92 percent to P33; International Container Terminal Services Inc., up 2.27 percent to P405; SM Prime Holdings Inc., down 3.43 percent to P29.60; and Bank of the Philippine Islands, down 1.05 percent to P141.70.
Ayala Corp. was flat at P690; DigiPlus Interactive Corp., up 3.48 percent to P20.80; Metropolitan Bank and Trust Co., down 0.66 percent to P75.50; Philippine Seven Corp., up 8.22 percent to P79; and SM Investments Corp., up 1.91 percent to P959 each.
Losers edged out gainers, 107 to 76, while 58 companies closed unchanged, stock exchange data showed. INQ