PHL shares drop further on last-minute selling
PHILIPPINE STOCKS declined further on Monday as investors pocketed their profits from the market’s recent climb, and with geopolitical concerns and a weak peso dragging sentiment.
The Philippine Stock Exchange index (PSEi) went down by 0.41% or 26.89 points to close at 6,437.78, while the all shares index declined by 0.22% or 8.13 points to finish at 3,644.20.
“The PSEi ended lower to start the week, weighed down by late-session selling. Profit taking persisted as investors continued to lock in gains. Market sentiment remained cautious, with the index still trading at overbought levels,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
“The local market fell as investors booked gains in the final minutes of the trading day following a four-week rally,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco likewise said in a Viber message.
The main index opened Monday’s session at 6,478.73, up from Friday’s close of 6,464.67. It climbed to a high of 6,491.32 but last-minute selling caused it to finish at its intraday low.
“Concerns over the US’ tariff threats to selected European countries to get Greenland also dampened sentiment. Finally, the peso’s weakness against the US dollar weighed on the market,” Mr. Tantiangco added.
Stock markets slid in Asia on Monday after US President Donald J. Trump threatened to slap extra tariffs on eight European nations until the US was allowed to buy Greenland, Reuters reported.
Japan’s Nikkei fell 0.8%, and MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1%.
Mr. Trump said he would impose additional 10% import levies from Feb. 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Britain, rising to 25% on June 1 if no deal was reached.
Major European Union states condemned the tariff threats over Greenland as blackmail, and France proposed responding with a range of previously untested economic countermeasures.
Meanwhile, the peso dropped by nine centavos to end at P59.44 versus the dollar on Monday, data from the Bankers Association of the Philippines showed.
Most sectoral indices closed lower. Financials fell by 1.22% or 26.79 points to 2,163.87; mining and oil decreased by 0.67% or 117.08 points to 17,197.38; holding firms went down by 0.65% or 33.85 points to 5,125.18; and property retreated by 0.11% or 2.66 points to 2,359.55.
Meanwhile, services rose by 0.55% or 14.02 points to 2,550.09; and industrials edged up by 0.01% or 0.95 point to 9,160.32.
Decliners outnumbered advancers, 112 to 87, while 67 names closed unchanged.
Value turnover fell to P5.19 billion on Monday with 2.25 billion shares traded from the P7.25 billion with 1.83 billion issues that changed hands on Friday.
Net foreign selling was at P30.34 million versus the P377.05 million in net buying seen on Friday. — A.G.C. Magno with Reuters
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