Market starts at slower pace this week

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Local equities began another trading week at a slower pace amid the absence of apparent leads from both the local and foreign fronts.

“Domestically, the country has been focused on the relief efforts in the Visayas after [Typhoon] Yolanda’s rage,” Jun Calaycay of Accord Capital Equities Corp. said.

The Philippine Stock Exchange index (PSEi) resumed trading this week with a 0.05-percent decline toward the end of the Monday session, or 3.15 points lower toward 6,343.25.

“The market’s storyline remain unchanged entering the second half of November trades. Although buyers have surfaced in time to stave off a drop below 6,200 (points) last week, lifting remains heavy as rallies are soon enough capped by profit-taking,” Calaycay said.


The wider all shares went down by 0.11 percent, or 4.14 points to 3,864.86.

However, majority of the sub-indices still managed to end in the green, albeit flat, with financials posting the largest improvement of 0.60 percent, or 9.16 points to 1,541.92.

Next to financials was services, which went up by 0.34 percent, or 6.67 points to close at 1,972.37, and industrial, which improved by only 0.24 percent, or 21.85 points to 9,126.16. Property, on the other hand, ended 0.19-percent higher, or 4.86 points to 2,551.78, followed by mining and oil, which increased by 0.16 percent, or 19.56 points to 12,098.48. The holding firms counter, however, went down by 1.19 percent, or 69.24 points to 5,738.99.

Total value turnover on Monday stood at P6.5 billion with losers outnumbering gainers, 74 to 61. Some of the most actively traded stocks were JG Summit Holdings Inc., GT Capital Holdings Inc., Puregold Price Club Inc., Ayala Land Inc., Alliance Global Group Inc., Bank of the Philippine Islands, Ayala Corp. and Travellers International Hotel Group Inc.

Toward the Friday session of the prior week, Philippine stocks rose as Wall Street drove all the way to a new record. The PSEi held on to modest gains, rising by 0.29 percent on Friday, or 18.52 points to close at 6,346.40, while the wider all-shares index advanced by 0.11 percent, or 4.26 points to 3,869.00.

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