Stocks down on Wall St losses

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Philippine equities on Monday traded on a pessimistic note as investors booked profits on the heels of losses on Wall Street Friday.

The Philippine Stock Exchange index (PSEi) declined by 0.63 percent or 47.56 points to 7,456.16, while the wider All Shares dropped 0.46 percent or 19.97 points to 4,294.27.

“Wall Street’s weak performance on Friday clouded sentiment early this week, despite optimistic economic outlook from the World Bank,” said Jason Escartin, investment analyst at online brokerage firm 2TradeAsia.com.

“Most foreign fund managers checked the indicative trend from the Fed’s meeting this mid-week,” he added.


US equities sent negative signals to overseas markets on Friday, after the Dow Jones Industrial Average lost 140.53 points or 0.78 percent to 17,898.84, while the S&P 500 slashed 14.75 points or 0.70 percent to 2,094.11, and tech-heavy Nasdaq erased 31.41 points or 0.62 percent to 5,051.10.

Jonathan Ravelas, BDO chief market strategist, said in a text message that the market was widely influenced by the negative leads overseas.

“Sentiment from overseas continued to weigh down on stocks. The market is expected to range between 7,350 and 7,700 points in the next few days,” Ravelas said.

All the PSE subindices were in the red, led by losses in the industrial sector that slumped by 1.09 percent.

Among the actively traded stocks on Monday, only Philippine Long Distance Telephone Company was unchanged while GT Capital Holdings Inc. and Global Ferronickel Holdings Inc. posted gains.

Leading the declines were Universal Robina Corp., SM Prime Holdings Inc., Globe Telecom Inc., BDO Unibank Inc., Ayala Land Inc., International Container Terminal Services Inc., and Jollibee Foods Corp.

Over 1.78 billion shares, valued at P6.87 billion, were traded. Decliners outnumbered advancers, 91 to 72, while 56 issues were unchanged.

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