Stocks down as investors await economic reports

The benchmark Philippine Stock Exchange index (PSEi) closed slightly lower on Monday ahead of a slew of key economic reports this week.

The PSEi ended the session at 7,817.3, down 0.03 percent or 2.08 points. The broader All-Shares index was also lower by 0.17 percent to 4,660.44.

The drop came amid relatively thin volume and a mixed bag across the various subsectors.

Property stocks led gainers, with a 0.89-percent increase, while mining and oil, financials as well as industrial stocks were up more than a third. Holding firms dropped 0.77 percent as did services, which were down by 0.14 percent.

A total of 2.1 billion shares valued at P5.6 billion changed hands on Monday. Data from the PSE showed that 117 companies ended lower yesterday as 92 closed higher while 36 firms were unchanged.

Economic indicators due for release this week include data on inflation, gross domestic product and the Bangko Sentral ng Pilipinas’ Monetary Board meeting on Thursday.

Transpacific Broadband Group International Inc. was the most actively traded as it gained 11.11 percent to P0.70 a share.

It was followed by Ayala Land Inc., up 3.58 percent to P41.95; ATN Holdings Inc. “A,” up 9.92 percent to P1.33; Ayala Corp., down 1.96 percent to P1,000, and SM Prime Holdings, down 0.79 percent to P37.79 a share.

Other actively traded companies were BDO Unibank Inc., down 1.32 percent to P135; Metropolitan Bank and Trust Co., up 1.91 percent to P77.45; PXP Energy Corp., up 6.46 percent to P15.16; Bank of the Philippine Islands, up 1.55 percent to P98.50, and SM Investments Corp., down 0.71 percent to P979 a share.