PSEi falters as cautious investors pocket gains
After posting a big gain last week, the benchmark stocks index succumbed to profit-taking on Monday, with investors mostly staying cautious amid ongoing global tariff negotiations.
By the closing bell, the Philippine Stock Exchange Index (PSEi) shed 0.31 percent, or 19.25 points, to 6,249.50.
Likewise, the broader All Shares Index lost 0.4 percent, or 14.60 points, to close at 3,681.09.
A total of 743 million shares worth P5.74 billion changed hands, stock exchange data showed.
Japhet Tantiangco, research head at Philstocks Financial Inc., said the PSEi’s decline was due to a last-minute sell-off while investors “chose to take things cautiously.”
According to Tantiangco, traders were waiting for developments on the United States’ negotiations with other countries in hopes of deescalating the global trade tensions.
Banks booked the steepest decline as index heavyweights BDO Unibank Inc., Bank of the Philippine Islands and Metropolitan Bank and Trust Co. all closed lower.
Meanwhile, the services index registered the largest increase on the back of strong gains in the companies led by billionaire Enrique Razon Jr.
Bloomberry Resorts Corp., which is expected to launch its own online gaming platform within the second quarter, rallied by 10.28 percent to P3.54 each.
International Container Terminal Services Inc. (ICTSI) also closed with a 2.86-percent climb to P360 per share.
SM Investments Corp. was the top-traded stock as it shed 0.58 percent to P850 each, followed by Bloomberry.
BDO went down 3.42 percent to P155.50 and Ayala Land Inc. fell 1.38 percent to P24.95.
There were 98 losers against 94 gainers, while 58 companies were unchanged at closing, stock exchange data also showed.
