PH stocks dragged by weak US market ahead of Fed meet

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LOCAL stocks sustained losses on Monday with investors taking their cue from weak regional and US markets ahead of the US Federal Reserve policy meeting on Thursday.

Wall Street ended lower on Friday while most Asian markets were also down on Monday following weak economic data from China.

The Philippine Stock Exchange index (PSEi) lost 40.61 points or 0.56 percent to 7,161.27, while the All Shares index fell 20.05 points or 0.47 percent to 4,239.64.

Jason Escartin, investment analyst at F. Yap Securities Inc., said that the declines in international markets weighed heavily on sentiment.


“The market took its cue from overseas, following Wall Street’s weakness ahead of the Fed’s upcoming guidance on US interest rates,” Escartin said.

“Others have softened their stance due to prevailing concerns over consumer prices plus the political row over DAP [Disbursement Acceleration Program],” he added.

He sees immediate support at the 7,130-7,150 range and resistance at 7,220 points.

All sub-indices were in the red. Financials were down 2.79 points or 0.17 percent at 1,681.99 while industrials declined 72.84 points or 0.65 percent to 11,088.99.

Holding firms dipped26.46 points or 0.42 percent to 6,296.4 and services slipped 5.54 points or 0.25 percent to 2,211.99.

Mining and oil slumped 204.51 points or 1.14 percent to 17,733.47 and property went down 18.60 points or 0.68 percent to 2,708.15.

Among the most actively-traded stocks, Philippine Long Distance Telephone Co. and Aboitiz Power Corp. ended flat, while Metropolitan Bank and Trust Co. (Metrobank) and Ayala Corp. (AC) were gainers. Metrobank was up 15 cents or 0.17 percent at P88 per share, while AC inched up P2 or 0.28 percent at P710 apiece.

Top losers included Universal Robina Corp. (down 0.28 percent or 50 cents at P175.50); BDO Unibank Inc. (down 0.84 percent or 80 cents at P94.80); Ayala Land Inc. (down 1.06 percent or 35 cents at P32.70); Megaworld Corp. (down 2.93 percent or 13 cents at P4.30); Alliance Global Group Inc. (down 1.80 percent or 45 cents at P24.55); and Globe Telecom Inc. (down 2.31 percent or P45 at P1,900).

Decliners outnumbered advancers 108 to 66 while 46 shares were unchanged. Volume traded was 1.034 billion shares valued at P6.193 billion.

On Friday, the benchmark index dipped slightly, down 0.18 points or 0.003 percent to 7,201.88, while the All Shares index inched up 2.99 points or 0.07 percent to 4,259.69.

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