PH stocks swing back down ahead of US cues

PSEi

MANILA – Philippine stocks slumped on Monday as large cap stocks moved sideways ahead of the release of US inflation data.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) slipped 1.01 percent, or 69.97 points, to 6,872.24 while the broader All Shares index was down 0.78 percent, or 28.09 points, to 3,574.72.

“Philippine shares receded as investors await the US CPI [consumer price index] inflation reading, while others gear for the FTSE rebalancing at the end of the week,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Monday.

“The February US CPI may likely stir a new course of rhetoric for the [US Federal Reserve] as to how they will implement their policy rates over the next few months,” Limlingan said.

Stock exchange data showed 507.92 million shares valued at P3.76 billion changed hands while foreigners were net sellers to the tune of P277.7 million.

READ: Asian shares mostly lower, Japan’s Nikkei 225 falls 2.5%

All sub-sectors closed lower, led by property (-2.70 percent) and industrial (-1.15 percent).

Belle Corp. was the top gainer after a 50-percent price surge to P1.92 per share. Belle plans to take gaming subsidiary Premium Leisure Corp. private through a tender offer and voluntary delisting process.SM Prime Holdings Inc., the most actively traded stock during the session, shed 3.66 percent to P31.60 each.

It was followed by SM Investments Corp., up 0.41 percent to P983.50, Ayala Land Inc., down 2.71 percent to P32.30; Universal Robina Corp., down 0.63 percent to P110.90; and International Container Terminal Services Inc., down 2.65 percent to P301.60 per share.

Bank of the Philippine Islands was down 0.08 percent to P118; Metropolitan Bank & Trust Co., up 1.97 percent to P62; PLDT Inc., up 1.31 percent to P1,317; Jollibee Foods Corp., down 1.52 percent to P260; and Ayala Corp., down 2.41 percent to P667 per share.

Overall, there were 125 losers against 62 advancers while 53 companies closed unchanged. —Miguel R. Camus INQ