Concerns of a pick up in inflation in the US plagued shares on the Philippine Stock Exchange on Monday.
The market followed declines in US markets last Friday, a spillover of concerns by investors in American shares, said stockbroker Philstocks Financial Inc.
“The University of Michigan’s consumer sentiment index for February showed a significant drop as consumers worry over inflation due to the US government’s tariff policies,” Philstocks said.
The PSEi slipped 2.07 points or 0.03 percent to 6,095.97. The broader All Shares shed 5.28 points or 0.14 percent to 3,655.
Losers edged gainers 111 to 73 with 54 stocks unchanged.
Trading value reached more than P4.47 billion.
“The banks led the sectors this Monday, adding 0.86 percent, following the BSP’s reserve requirement ratio cuts. The industrials and the services performed the worst, both cutting 0.87 percent,” Philstocks said.
Most actively traded Ayala Land Inc. shed P0.20 to P22.90. International Container Terminal Services Inc. dropped P4.60 to P340.40. Metropolitan Bank and Trust Co. gained P2.15 to P74.95. BDO Unibank Inc. lost P1 to P141. Bank of the Philippine Islands gained P2.40 to P130.50. Universal Robina Corp. declined P4.40 to P70.05. SM Investments Corp. was steady at P780. Aboitiz Power Corp. dropped P1.80 to 41.20. DigiPlus Interactive Corp. shed P0.20 to P37.80. JG Summit Holdings Inc. lost P0.06 to P18.36.
