PSEi starts week with sluggish trade
Philippine stocks started the week in negative territory as investors stayed cautious amid the lingering Middle East uncertainties and a weaker peso.
The benchmark Philippine Stock Exchange Index (PSEi) fell 0.56 percent, or 35.5 points, to close at 6,261.80 on Monday.
Philstocks Financial Inc. research manager Japhet Tantiangco said pessimism dominated the session as investors struggled to find a positive catalyst that could push the market higher.
Lingering uncertainties in the Middle East also dampened sentiment, while the peso’s weakness following slow growth in cash remittances in June added pressure on the local bourse.
Luis Limlingan, head of sales at Regina Capital Development Corp., said: “Investors stayed on the sidelines while awaiting fresh positive catalysts to drive market sentiment. Cautious positioning continued to limit buying interest and kept the market range-bound.”
Net value turnover stood at P3.91 billion, reflecting tepid participation in the market.
Foreign investors also remained cautious, ending the session as net sellers with outflows of P222.44 million.
Sectoral indices finished mixed.
Mining and oil led the gainers after advancing 3.4 percent. Services, meanwhile, recorded the steepest decline at 1.48 percent.
Among index members, fast-food giant Jollibee Foods Corp. was the session’s top performer, gaining 2.9 percent to close at P159.50 per share.
Ayala Corp. was the main index laggard, shedding 3.13 percent to finish at P495 per share.
Analysts said investors continued to weigh uncertainties, with thin trading suggesting that many reluctant to take larger positions.
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