Share prices fell as risk-averse traders kept buying in check, mindful of the prevailing global uncertainty tied to US trade policies and the dovish stance by the Bangko Sentral ng Pilipinas (BSP).
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the local bourse tracked a downtrend as US President Donald Trump’s tariff moves against America’s trading partners continued to cast a pall of uncertainty over the global economy.
“Investors are also concerned with the pace of the BSP’s policy easing following its pause in their latest meeting,” he said.
The PSEi dropped 67.85 points or 1.12 percent to 5,993.48. The broader All Shares shed 18.12 points or 0.5 percent to 3,611.16.
Losers outpaced gainers 114 to 74, with 61 stocks unchanged. The value of shares traded reached more than P5.32 billion.
“Sectors had mixed results, with the miners taking the lead, up 2.7 percent. The property sector incurred the most losses, down 3.06 percent,” Tantiangco said.
Luis Limlingan, managing director at Regina Capital and Development Corp., pointed to the cautious stance taken by market players “despite the higher-than-expected cash remittances.”
The BSP reported on Monday personal remittances by Filipinos overseas increased 3 percent to $3.73 billion in December last year, from $3.62 billion a year earlier. This brought the full-year 2024 remittance figure to a record $38.34 billion, up 3 percent from $37.21 billion in 2023.
First Metro Securities Brokerage Corp. expects investors to remain averse to risk the rest of the week as they track developments regarding Trump’s foreign policies.
A rebound of the peso back to the 57 level could offer some support and stimulate foreign buying, First Metro said.
Most actively traded International Container Terminal Services Inc. gained P5.20 to P350. Ayala Land Inc. shed P0.85 to P22.40. SM Prime Holdings Inc. declined by P1.15 to P21.85. Bank of the Philippine Islands dropped P2 to P128. SM Investments Corp. lost P34.50 to P785.50. Philex Mining Corp. inched up P0.65 to P4.62. BDO Unibank Inc. gained P1.60 to P138.60. Universal Robina Corp. advanced by P1 to P63.95. DMCI Holdings Inc. rose P0.50 to P11.54. Metropolitan Bank and Trust Co. gained P0.60 to end at P73.25.
