Share price ended lower Monday in the absence of a strong catalyst to move stock prices.
The Philippine Stock Exchange index (PSEi) was down 35.05 points to 6,459.76, a 0.54 percent drop.
The broader all shares was down 12.49 points to 3,969.02, a 0.31 percent drop.
Losers edged gainers 119 to 81 with 47 stocks unchanged. Trading turnover reached P4.89 billion.
The peso closed at 48.35 to the dollar, up from 48.38 on Friday.
The currency opened at 48.36 and hit a high of 48.35 and a low of 48.425. Trading turnover reached $784.3 million.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market dropped with “investors continuing to pile up stock in the US following the country’s strong earnings from the blue chips and sound economic data, supporting economic recovery.”
Japhet Tantiangco, analyst at Philstocks Financial Corp., said “the surge in our country’s COVID-19 cases remains unabated, in turn weighing on our economic outlook, while factors that could spur investor optimism are yet to be seen. Trading remained anemic.”
“Foreigners are still net sellers with net outflows posting P704.45 million. Net foreign selling is already on a 12-day streak averaging P775.09 million per day,” he added.
Most actively traded International Container Terminal Services Inc. was up P1.10 to P129.
Megaworld Corp. was down P0.15 to P3.23. Ayala Land Inc. was up P0.20 to P33.45. BDO Unibank Inc. was up P0.40 to P105.20. SM Prime Holdings Inc. was down P0.35 to P35.50.
Universal Robina Corp. was down P3 to P125.50. Boulevard Holdings Inc. was up P0.012 to P0.103. Bank of the Philippine Islands was steady at P83. GMA Network Inc. was down P1.14 to P7.82. Apollo Global Capital Inc. was down P0.002 to P0.222.
