PSEi continues slide; investors await SONA
Investors were mostly cautious on Monday as they braced for President Marcos’ fourth State of the Nation Address (Sona) and his proposed programs, while the weaker currency also weighed on overall sentiment.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had lost 0.52 percent, or 33.43 points, to end at 6,379.75.
Likewise, the broader All Shares Index shed 0.09 percent, or 3.38 points, to close at 3,793.49.
A total of 1.1 billion shares worth P6.6 billion changed hands, stock exchange data showed. Foreigners also opted to sell their shares, with outflows totaling P156 million.
Japhet Tantiangco, research head at Philstocks Financial Inc., said investors stayed on the sidelines ahead of Mr. Marcos’ Sona, which was delivered after the market closed.
At the same time, the Philippine peso’s depreciation added to the gloomy mood as it closed at 57.2 against the greenback from 57.11 previously.
Only services firms ended in the green territory as top-traded stock DigiPlus Interactive Corp. mounted an 18.89-percent comeback to close at P32.10 each. International Container Terminal Services Inc. also added to the gain with a 1.3-percent rise to P466 per share.
Other actively traded stocks were BDO Unibank Inc., down 2.1 percent to P149; Bank of the Philippine Islands, down 0.65 percent to P122; Philippine National Bank, up 3.34 percent to P64.90; and Bloomberry Resorts Corp., up 2.7 percent to P4.56 per share.
There were 108 losers against 90 gainers, while 48 companies closed flat, stock exchange data also showed.
