The benchmark PSEi eased 0.36 percent in thin Monday trade as investors exited from blue chips in the absence of fresh leads.
Stock brokerage Philstocks Financial Inc. said investors sold holdings in index heavyweights such as SM Investments Corp., SM Prime Holdings Inc., and Manila Electric Co.
The US markets were closed on May 26 in observance of Memorial Day.
“The PSEi opened the week in the red as investors adopted a wait-and-see stance amid thin trading and a lack of fresh domestic catalysts,” Luis Limlingan, the managing director from Regina Capital and Development Corp., said.
The benchmark PSEi eased 0.36 percent or 23.16 points to close at 6,389.94.
The broader All shares lost 0.24 percent or 9.15 points to 3,737.64.
Gainers outnumbered losers 102 to 90 with 50 stocks unchanged. Trading value reached P4.74 billion.
“Sectors were mixed with the miners closing on top, up 4.58 percent. Conglomerates performed the worst, shedding 0.83 percent,” Philstocks said.
Jonathan Ravelas, senior adviser at Reyes Tacandong and Co., said he expects the market to move “sideways to down within the 6,000-6,500 levels in the near term.”
Most actively traded Bank of the Philippine Islands dropped P0.60 to P39.20. Monde Nissin Corp. shed P0.04 to P6.68. SM Investments Corp. lost P20 to P859. JG Summit Holdings Inc. gained P1.20 to P21. Ayala Land Inc. rose P0.15 to P23.45. International Container Terminal Services Inc. advanced P1.60 to P405.60. Universal Robina Corp. increased P1.90 to P86. SM Prime Holdings Inc. declined P0.40 to P23.10. Manila Electric Co. shed P20 to P536. Jollibee Foods Corp. lost P1.80 to P241.
