PH stocks dip after record sessions

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Philippine stocks slipped on Monday as investors ignored market gains overseas and took profit after the local benchmark index hit record highs above the 8,100-level last week.

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An analyst took Monday’s dip as a signal that the Philippine bourse may soon be entering a short consolidation period.

But prices may also get a boost soon after if the big caps can show sustained growth in their first-quarter earnings reports, expected in May, said Anton Alfonso, analyst at RCBC Securities Inc.

The Philippine Stock Exchange (PSEi) shed 0.67 percent or 54.23 points to 8,073.25, down from Friday’s all-time closing high of 8,127.48.

The All Shares index on Monday dropped 0.40 percent or 18.62 points to 4,616.76.

Alfonso said investors opted for some profit-taking given the profitable sessions last week.
“SM was the main downer today. Investors will probably look at the remaining companies that have not released their earnings yet since the deadline is this week,” Alfonso said.

On Friday, SM hit a record high of P970. So on Monday, investors took advantage of the price peak, causing the stock to drop toward the close and settle with a P21 or 2.16 percent loss at P949.

Prices on the PSE failed to benefit from upbeat trade on the global markets, where the Dow Jones Industrial Average on Wall Street on Friday closed up 98.92 points, the S&P 500 up 10.88 points and the Nasdaq 21.41 points firmer.

Most Asian markets also climbed on Monday, with Hong Kong rising for an eighth straight session and Shanghai rallying after more disappointing Chinese data fueled hopes for fresh easing measures.

Among the six sectoral indices on the local bourse that dropped, Holding firms lost 0.81 percent. Only mining and oil rose, with a 0.38 percent or 57.59-point gain.

Other active losers were the Philippine Long Distance Telephone Company, Universal Robina Corp., Ayala Corp., Metropolitan Bank and Trust Company, Ayala Land Inc., Alliance Global Group Inc. and Aboitiz Power Corp.

Top gainers were GT Capital Holdings Inc. and BDO Unibank Inc., while Bloomberry Resorts Corp. was active throughout but ended flat.

Volume of trade totaled 1.68 billion shares, valued at P9.53 billion. Decliners outnumbered advancers 98 to 77, while 50 issues closed unchanged.

On Friday, the bellwether PSEi inched up 0.93 percent or 74.79 points to finish at 8,127.48, its 27th all-time high for the year and its first close above the 8,100-level. The All Shares index added 0.55 percent or 25.28 points to 4,635.38.

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