• Market greets week with correction

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    Amid the looming fear of a default in the United States as well as the concerns on the US shutdown, domestic investors turned even more cautious and decided to stay away from the market.

    The Philippine Stock Exchange index (PSEi) registered a correction on Monday, losing 0.73 percent, or 47.10 points to 6,442.70, while the broader all-shares index went down 0.53 percent, or 20.98 points to 3,904.81.

    “Market continues to remain tentative reflective of concerns on the US shutdown. Thus making the 6,500 [-point] level a tough level to break,” Jonathan Ravelas, chief market strategist of BDO Unibank Inc., said in a text message.

    Majority of the sub-indices also plummeted, with services going down by 1.04 percent, or 21.00 points to 1,988.78, followed by industrial, which went down by 0.77 percent, or 72.08 points to 9,319.93.

    The property counter, on the other hand, snapped by 0.68 percent, or 17.46 points to 2,544.61, while financials slid by 0.58 percent, or 9.25 points to 1,590.76. Holding firms shed 0.45 percent, or 26.44 points to 5,839.65. However, mining and oil still managed to end in the green, rising 0.13 percent, or 16.04 points to 12,450.49.

    Total value turnover was thin at P4.02 billion with decliners beating advancers, 97 to 51.

    Some of the most actively traded stocks were Philippine Long Distance Telephone Co., Metropolitan Bank and Trust Co., SM Prime Holdings Inc., Universal RObina Corp., SM Investments Corp., Emerador Inc., Robinsons Land Corp. and Cosco Capital Inc.

    Madelaine B. Miraflor

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