Uninspired PSEi fails to cling to 6,400

The local bourse surrendered the 6,400 territory on Monday as investors searched for a spark to jolt life into the market.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) had lost 0.36 percent, or 23.16 points, to close at 6,389.94.

Likewise, the broader All Shares Index shed 0.24 percent, or 9.15 points, to 3,737.64.

A total of 486 million shares worth P4.74 billion changed hands, stock exchange data showed.

The index remained in the red territory the entire day, dipping below 6,400 by midday.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the decline was due mainly to the lack of fresh catalysts, with investors still on wait-and-see mode.

See Also

BIZ BUZZ: No word from GCash … yet

Bank of the Philippine Islands was the most actively traded stock as it shed 0.43 percent to P139.20 each. It was followed by Monde Nissin Corp., down 0.6 percent to P6.68; SM Investments Corp., down 2.28 percent to P859; JG Summit Holdings Inc., up 6.06 percent to P21; and Ayala Land Inc., up 0.64 percent to P23.45 per share.

International Container Terminal Services Inc., up 0.4 percent to P405.60; Universal Robina Corp., up 2.26 percent to P86; SM Prime Holdings Inc., down 1.7 percent to P23.10; Manila Electri/c Co., down 3.6 percent to P536; and Jollibee Foods Corp., down 0.74 percent to P241 each.

Gainers outnumbered losers, 102 to 90, while 50 companies closed flat, stock exchange data also showed.