PSEi sinks below 6,400 on profit-taking
The local bourse surrendered the 6,400 level on Monday as profit-takers took advantage of the market’s three-day winning streak.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) lost 0.81 percent, or 52.23 points, to close at 6,359.63.
Likewise, the broader All Shares Index shed 0.58 percent, or 21.86 points, to 3,719.26.
A total of 700 million shares worth P5.67 billion changed hands, stock exchange data showed.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the index’s decline was mostly due to investors booking profits, especially after the PSEi climbed for three consecutive sessions.
Last week’s comeback was on the back of trade talk progress abroad, specifically between the United States and China, which was hit with the largest import tariff.
Top-traded stocks
BDO Unibank Inc. was the top-traded stock as it shed 1 percent to P158.40, followed by Bloomberry Resorts Corp., which rallied by 9.8 percent to P3.81; Universal Robina Corp., up 1.96 percent to P85.65; International Container Terminal Services Inc., down 1.4 percent to P353.40; and Metropolitan Bank and Trust Co., down 0.39 percent to P76.40 each.
Others were SM Prime Holdings Inc., down 0.62 percent to P24.05; DigiPlus Interactive Corp., down 0.36 percent to P41.50; Jollibee Foods Corp., up 0.35 percent to P227.40; Aboitiz Power Corp., down 0.83 percent to P35.85; and Ayala Land Inc., down 1.01 percent to P24.45 per share.
There were 93 losers against 92 gainers, while 61 companies were flat at closing, stock exchange data also showed.
