Even if it managed to stay within the 6,000-point level, Philippine shares failed to set a new trend and started this week on a lethargic note as local investors failed to find fresh leads.
“Against a backdrop of optimism that covers the rest of Asia, Philippine shares started the week on the same footing it ended the previous four sessions,” Jun Calaycay of Accord Capital Equities Corp. said.
The Philippine Stock Exchange index (PSEi) almost fell below the 6,000-point level, shedding 0.10 percent toward the end of Monday’s trade, or 6 points to 6,008.94. The wider all shares also declined, falling by 0.21 percent, or 7.67 points to 3,680.80.
“With only three full weeks left in the balance for 2013 trades, the PSEi has a long way to go if our once-adjusted full-year index target will be met. Early last month, after having held steadfastly to the 6,900 to 7,200 projections, we have allowed the numbers to be lowered to the 6,500 to 6,700 range in light of the discernible shift in sentiments following super storm Yolanda’s rampage across the Visayas regions,” Calaycay said.
“Today [Monday], as the PSEi appears challenged to even sustain closes above 6,000, it will require an upside of at least 8.3 percent to just get in line with the lower end of the band,” he added.
Majority of the sub-indices also settled on the red side, with holding firms and mining and oil posting gains.
Property registered the largest decrease, experiencing a 1.18-percent drop, or 27.81 points to 2,320.95, followed by services, which went down by 0.58 percent, or 10.79 points to 1,862.47.
Financials ended negatively flat, plummeting by 0.30 percent, or 4.46 points to 1,462.08, while industrial slipped 0.24 percent, or 21.01 points to 8,663.51.
Holding firms, on the other hand, went up by 0.78 percent, or 42.86 points to 5,537.86, followed by mining and oil, which ended higher at 0.12 percent, or 14.59 points to 12,068.28.
Total value stood thinner toward the end of the session at P4.6 billion with decliners outnumbering advancers, 99 to 53.
Some of the top losers on Monday were Philippine Long Distance Telephone Co., Jollibee Foods Corp., Ayala Land Inc., SM Prime Holdings Inc., Metropolitan Bank and Trust Co., GT Capital Holdings Inc., Security Bank Corp., Filinvest Land Inc., International Container Terminal Services Inc. and BDO Unibank Inc.