With only two more sessions left before the Lenten week break, Philippine shares traded lower on Monday, weighed down by losses on Wall Street and concerns over heightened tensions in Ukraine.
“Trades for the shortened Lenten week kicked off sluggishly with the index moving within a tight band, tipping the 6,600-mark before retreating on light value turnover,” said Justino Calaycay, analyst at Accord Capital Equities Corp..
The Philippine Stock Exchange index (PSEi) ended Monday’s session down 7.41 points or 0.11 percent at 6,589.55, while the broader all shares dipped 2.10 points or 0.05 percent to 3,975.62.
“Nevertheless, the measure continues to hold above the top end of the immediate support band at between 6,550 and 6,570 [points],” Calaycay noted.
Three of the sectoral indices posted losses. Holding firms fell 10.55 points or 0.17 percent to 6,025.63, industrials slipped 49.91 points or 0.50 percent to 10,026.12, and services declined 2.31 points or 0.12 percent to 1,945.95.
But mining and oil, property, and financials managed to make some gains. Mining and oil was up 60.07 points or 0.40 percent at 15,087.58, while property added 7.07 points or 0.28 percent to 2,558.14. Financials went up by 2.93 points or 0.19 percent to 1,577.69.
Participation was thin with only 1.9 billion shares traded, valued at P5.6 billion. Advancers, however, outnumbered decliners 86 to 80.
Some of the most actively traded stocks were SM Investments Corp, whose share price ended unchanged at P718.50; Ayala Land, Inc., which gained 1.86 percent to P30.10; Universal Robina Corp. which fell 1.16 percent to P144.70.; Philippine Long Distance Telephone Co., which ended flat at P2.744; and Robinsons Retail Holdings, Inc., which also ended flat at P68.00.
After moving in and out of the 6,600-point territory last week, Philippine shares eventually settled at the 6,500-mark on Friday as global markets took a tumble following a major sell-off on Wall Street.
On Friday, the main index fell 41.93 points or 0.63 percent to 6,596.96 , while the broader all shares declined or 14.93 points or 0.37 percent to 3,977.72.