The local stock market found itself settling in the red after investors failed to see positive developments here and abroad.
Jun Calaycay, Accord Capital Equities Corp. analyst, said a short-fall in new hires in the United States (US) against expectations sent Asian investors rushing to the exits, pulling the some regional benchmark and majors lower as the week’s trading opened.
The Philippine Stock Exchange index (PSEi) kicked off this week with a 24.22-point loss, or a 0.37-percent plunge toward 6,509.73.
“The PSEi actually started the day in positive territory, but the weight of the region’s decline tolled heavily on the bulls, pulling the index into negative territory by midday. The losses had widened to as much as 20 points heading into the final hour of the session,” Calaycay said.
The wider all-shares index also saw a decline on Monday, dropping 15.09 points, or 0.38 percent to 3,967.04.
Also, sectors that registered losses completely outshined the only sector that managed to land on the green side. Mining and oil, being the only sub-index that registered gains, moved up slightly by 0.44 percent, or 63.23 points to 14,395.28.
Holding firms went down 0.83 percent, or 49.93 points to 5,938.95, while financials shed 0.45 percent, or 7.05 points to 1,568.25.
Industrial, on the other hand, fell 0.26 percent, or 25.82 points to 9,750.78, followed by the services, which snapped by 0.18 percent, or 3.67 points to 2,038.38. Property was flat with a 0.08-percent dip, or 1.94 points to 2,492.49.
Total value turnover thinned at P4.9 billion with losers beating gainers, 93 to 58, while 39 issues were unchanged.
“Trades in the local market continue to be lackluster with value turnover challenged to hurdle even the P5-billion mark,” Calaycay further said.
Some of the most actively traded stocks were Alliance Global Group Inc., SM Investments Corp., Metropolitan Bank and Trust Co., SM Prime Holdings Inc., Ayala Land Inc., Philippine Long Distance Telephone Co., Ayala Corp. and Jollibee Foods Corp.