Stocks fall ahead of Pope holiday


The benchmark Philippine Stock Exchange index (PSEi) ended a 10-day bull run and opened the new week with a 0.60-percent loss on profit taking ahead of the holiday for the Pope’s visit to the country.

The PSEi fell 44.26 points to close at 7,358.36, while the All Shares index shed 16.23 points or 0.37 percent to 4,320.67.

Mining and Oil was the sole gainer among the sectoral indices, advancing 1.99 percent, while the rest were in the red, led by the property sector with a 1.48 percent decline.

The top 10 active companies consist of three advancers (BDO, AGI and MEG), and seven decliners (ALI, MBT, URC, TEL, SM, LTG and JGS).
Volume of trade reached 2.06 billion, valued at P23.69 billion. Decliners outnumbered advancers 111 to 69, while 44 issues were unchanged.

“The session was ripe for potential technical breathers, given its recent ascent [record all time highs last Friday]. Part of the reason was a shortened trading week ahead of the long Papal visit holiday,” said Jason Escartin of F. Yap Securities Inc.

Trading was also influenced by Wall Street’s fall on Friday — with the Dow Jones Industrial Average down 0.95 percent, S&P 500 down 0.84 percent, and Nasdaq 0.68 percent lower.

The PSE announced that trading will be suspended on Thursday and Friday but will resume on Monday, January 19, as PhilPass and the central bank offices will be re-opening on that day.

On Friday, January 9, the PSEi recorded new intraday and closing highs—at 7,446.66 points and 7,402.72 points, respectively.


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