Snubbing the record level rise in Wall Street, Philippine shares prolonged its week-long correction on Monday that started since the same day last week.
Jun Calaycay, Accord Capital Equities Corp. analyst, said that it “is hard to tell what is pulling the market lower” given that other markets in the region have not been faring as badly as the Philippine bourse.
“On the surface, or maybe even a bit deeper, what ails the local market does not seem to be affecting other markets in the region. This leads us to look for clues on the domestic front. Again, there are but a few negatives and of a temporary nature even. [Typhoon] Yolanda’s damage to persons and properties rank high on the list,” Calaycay said.
The Philippine Stock Exchange index (PSEi) resumed trading at an even weaker pace, extending its five-day correction with a 1.32-percent fall, or 80.58 points to close at 6,004.26. The wider all shares barometer went down by 0.97 percent, or 35.96 points to 3,681.67.
“Share prices tumbled all the way from the opening bell, extending the losing streak to six days and hinting at another ‘scary’ week for investors. The foray into fresh record levels by US equities and the general rise in early trades among our peers in the region continues to fail in lifting enthusiasm in stocks,” Calaycay said.
He even pointed out that this is the PSEi’s third-longest extended decline since the eight days in March 2013, and the seven days bridging October and November also this year.
Except for financials and mining and oil, majority of the sub-indices plummeted either almost or more than 1 percent.
The property counter registered the largest decline, or by 1.92 percent, or 45.42 points to 2,317.10, followed holding firms, which erased 100.24 points, or 1.79 percent to close at 5,502.04. Industrial, on the other hand, slipped by 1.33 percent, or 116.88 points to 8,677.51, and services ended 0.90 percent lower, shedding 16.89 points toward 1,868.98.
Mining and oil, however, managed to go up by 0.55 percent, or 65.30 points to 11,955.63, while financials was slightly up by 0.05 percent, or 0.80 points to 1,468.87.
Total value turnover was a bit unchanged, standing at P7.2 billion toward the end of the session, with decliners still edging advancers, 92 to 64.
Some of the top losers on Monday were Vista Land and Lifescapes Inc., GT Capital Holdings Inc., Jollibee Foods Corp., Metro Pacific Investments Corp., JG Summit Holdings Inc., SM Prime Holdings Inc., Metro Pacific Investments Corp., Philippine Long Distance Telephone Co. and SM Investments Corp.