Share prices dropped for the fifth straight trading day on Monday, with the main index dropping below the 7,200-point level, as investors continue to sell ahead of the United States Federal Reserve (the Fed) meeting this week.
The benchmark Philippine Stock Exchange index (PSEi) shed 40.61 points to close at 7,161.27, while the rest of the subindices were down.
“The taste of a news cycle that turned sour last week lingers as numbers from both sides of the globe arouse concerns,” said trader Justino Calaycay Jr. of Accord Capital Equities Corp.
He said investors also sell ahead of the US Fed meeting this week, which is poised to cut again its stimulus package that now stands at $25 billion.
Other subindices also fell, led by the All Shares index that shed 20.05 to 4,239.64. The Financials index declined 2.79 to 1,681.99; the Industrial index lost 72.84 to 11,088.99; and the Mining and Oil index plunged 204.51 to 17,733.47.
Total volume of trade was thin at 1.03 billion shares worth P6.19 billion. Decliners overpowered gainers 108 to 66, and 46 shares were unchanged. Foreign investors were net sellers at P805.22 million.
Metropolitan Bank and Trust Co. was the day’s most traded and gained P0.15 to P88. Universal Robina Corp. fell P0.50 to P175.50; Philippine Long Distance Telephone Co. was unchanged at P3,300; BDO Unibank Inc. declined P0.80; Ayala Corp. rose P2 to P710; Ayala Land Inc. lost P0.35 to P32.70; and Aboitiz Power Corp. was unchanged at P38.95.