Share prices ended mixed as geopolitical concerns pushed investors to be risk-averse.
The Philippine Stock Exchange index (PSEi) was up 4.58 points or 0.06 percent to 7,996.90.
The broader all shares index was up 0.08 points to 4,823.05.
Losers edged gainers 131 to 68 with 47 stocks unchanged.
Trading turnover reached P4.88 billion.
The peso closed at 52.28 to the dollar, down from 51.91 last week. It opened at 52.15, hit a high of 52.13 and a low of 52.36. Trading turnover reached $1.32 billion.
Luis Limlingan, managing director at Regina Capital Development Corp., said shares closed flat “following the news of drone attack on Saudi oil assets over the weekend.”
“The Abqaiq processing center and the Khurais oil field were targeted on Saturday by drone attacks that have been claimed by Houthi rebels. Aramco disclosed that more than half of current production was halted while news reports indicate that a re-start of most oil output could occur in several days or weeks. As a result oil prices soared by more than 10 percent after a coordinated drone attack hit the heart of Saudi Arabia’s oil industry, forcing the kingdom to cut its output in half,” Limlingan said.
“Brent crude jumped 12.75 percent to $67.90/barrel while the U.S. WTI gained 11.34 percent to $61.07/barrell. The sudden spike in prices is deemed as a negative for the Philippine economy, as the country imports almost all its petroleum requirements,” he added.
Most actively traded Ayala Corp. was steady at P49.90. Semirare Mining and Power Corp. was up P0.20 to P23.95. SM Prime Holdings Inc. was up P0.15 to P34.65. SM Investments Corp. was down P2 to P1,015. Ayala Corp. was down P1 to P907. International Container Terminal Services Inc. was up P5.80 to P137.20. Metropolitan Bank and Trust Co. was down P0.35 to P69.60. BDO Unibank Inc. was down P0.20 to P142.40. Bank of the Philippine Islands was up P0.05 to P94.35. Aboitiz Power Corp. was up P1.40 to P40.35.