INVESTORS continued to take profits on Monday to pay for the initial public offerings (IPOs) of cement maker Eagle Cement Corp. and property developer Cebu Landmasters Inc. (CLI).
Regina Capital Corp. President Marita Limlingan said the upcoming Eagle Cement IPO was the biggest factor for the market’s decline.
“I think investors are much more interested with Eagle Cement … And there are also bad earning. There were some companies that came out with poor performance,” she said.
The bellwether PSEi lost 42.60 points or 0.55 percent to close at 7,722.93. The broader All Shares dropped 0.35 percent or 16.09 points to 4,632.17.
“As of now, the market is just on sideways trend because there’s no new development or news for the investing public to be aggressive and there are two IPOs that are forthcoming,” Summit Securities Inc. President Harry Liu said in a phone interview.
“The market is continuing last week’s sideways behavior. Hopefully, there would be a support somewhere at 7700 and then we should see rebounds from there,” he added.
The Philippine Stock Exchange last week approved the IPO applications of Eagle Cement and Cebu Landmasters.
Eagle Cement is offering 500 million primary shares at P15 per share, with an overallotment option of 75 million secondary shares. Cebu Landmasters is selling 505 million shares at P5 per share.
The offer period for Eagle Cement shares is from May 16 to 22, and Cebu Landmasters has set an offering period of May 19 to 26.
PLDT Inc. lost 4.33 percent during the session.
Nearly all sectoral indices closed in the red: Services (-1.54 percent), Property (-1.41 percent), Industrial (-1.09 percent), Mining and Oil (-0.24 percent) and Financials (-0.12 percent).
Only the Holding Firms sector was up 0.38 percent.