PSEi loses 1.34% as macro jitters spur profit-taking

Without a new source of spark, the local bourse succumbed to profit taking on Monday as investors awaited key developments that would set the tone for domestic economic growth.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) tumbled by 1.34 percent, or 85.02 points, to close at 6,254.36.

Likewise, the broader All Shares Index lost 0.85 percent, or 32.26 points, to end at 3,735.25.

A total of 908.82 million shares worth P7.1 billion changed hands, stock exchange data showed.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the index’s decline was due to “the lack of fresh positive leads.”

“Investors are concerned on how the local economy could accelerate its growth amid lingering global economic uncertainties caused primarily by the US’ protectionist policies,” Tantiangco said.

The share price of top-traded stock DigiPlus Interactive Corp. ballooned by 21.38 percent to P32.65 each on Monday as investors celebrated its upcoming addition to the main share PSEi.

It will be the newest company in the 30-member index, kicking out its new rival, Bloomberry Resorts Corp., which will replace DigiPlus on the MidCap Index.

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The changes will take into effect on Aug. 18.

International Container Terminal Services Inc. followed DigiPlus as it gained 0.2 percent to P489 each. Other top-traded stocks were: SM Investments Corp., down 0.69 percent to P789.50; BDO Unibank Inc., down 2.1 percent to P140; Metropolitan Bank and Trust Co., down 1.27 percent to P70.10; and Bank of the Philippine Islands, down 2.81 percent to P117.50.

Losers overpowered gainers, 141 to 70, while 41 companies closed flat, stock exchange data showed.