PSE Index barometer courts 7,000

The benchmark Philippine Stock Exchange Index (PSEi) continued to trade within a tight range on Monday amid low volumes while regional markets were sluggish.

By the closing bell, the PSEi rose 0.32 percent or 22.24 points to 7,020.83 while the broader all-shares index added 0.03 percent or 1.20 points to 3,722.80.

The index saw a small rebound from losses over the last two sessions but large movements were limited by thin trading volume.

PSE data showed 650.1 million shares valued at P4.52 billion changing hands on Monday.

US Fed overhang

Markets overseas were also lower as investors remained wary of the prospect of aggressive monetary tightening by US Federal Reserve to combat higher consumer prices.

“Philippine shares reversed losses from last Friday as investors continued to weigh the likelihood of a 50-bps (basis point) rate hike in May,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors.

Most PSE subsectors were down, save for holdings firms, which added 1.34 percent. Mining and oil closed sharply lower by 5.14 percent, followed by the 0.89 percent drop by the financials subindex.

A total of 127 declined against 54 gainers while 47 companies closed unchanged. Foreigners were also net sellers on Monday to the tune of P370.57 million.

Active trades

BDO Unibank Inc. was the most actively traded during the session as it sank 1.48 percent to P133 per share.

It was followed by: SM Prime Holdings Inc., up 0.28 percent to P36.15; SM Investments Corp., up 1.84 percent to P885; Semirara Mining and Power Corp., down 6.17 percent to P28.90; and Ayala Land Inc., down 0.14 percent to P34.75.

International Container Terminal Services Inc. rose 0.53 percent to P226.20. Converge ICT Solutions Inc. was down 0.67 percent to P29.60; PLDT Inc., up 0.53 percent to P1,910; Bank of the Philippine Islands, down 0.81 percent to P98.20; and Universal Robina Corp., down 1.44 percent to P109.80 per share.

—Miguel R. Camus INQ