• PH shares greet week with minor correction

    0

    Although the domestic economy keeps getting bullish outlook, it isn’t enough for the Philippine shares to get spared against worries on Syria tension as well as Fed tapering.

    Philippine Stock Exchange index (PSEi) fell 0.22 percent on Monday, or 13.37 points to 6,061.80. The wider all shares, however, inched up a bit by 0.26 percent, or 9.65 points to 3,712.03.

    “The PSEI swung between gains and losses throughout the session as investors tried to strike a balance between and among the regional cheer and profit-taking,” Jun Calaycay, Accord Capital Equities Corp. analyst, described.

    “The shakiness of the market is a manifestation of investors’ hesitance to make strong commitments to equities at a time when a number of possible shock-inducing events hang in the balance,” he further said.

    According to Calaycay, improving economic numbers from China and a resurgent bullish outlook for the domestic economy following last Thursday’s GDP (gross domestic product) report boosted confidence in equity markets that “nevertheless remain wary of Syria and the Fed.”

    As for the sub-indices, although there were some sectors that managed to stay on the green side, majority of them opted to dip on the side toward the end of the Monday trade.

    Holding firms went up 1.29 percent, or 68.42 points to 5,353.09, while industrial advanced a bit by 0.63 percent, or 59.12 points to 9,421.56.

    Property, on the other hand, snapped by 1.56 percent, or 36.11 points to 2,283.33, followed by services, which was down by 1.28 percent, or 24.96 points to 1,920.79. Mining and oil shed 1.00 percent, or 138.91 points to end at 13.719.28, while financials counter was flat at 0.29 percent, or 4.33 points to 1,463.58.

    Total value stood at P6.31 billion with advancers losing against decliners, 66 to 77.

    Some of the most actively traded stocks on Monday were SM Investments Corp., BDO Unibank Inc., SM Prime Holdings Inc., Philippine Long Distance Telephone Co., Alliance Global Group Inc., Ayala Corp. and Universal Robina Corp.

    Share.
    loading...
    Loading...

    Please follow our commenting guidelines.

    Comments are closed.