Share prices slipped on Monday, breaking a four-day winning streak, as investors turned cautious ahead of key US Federal Reserve speeches and took profits in the absence of fresh market leads.
“The market started the week by breaking its four-day streak of green candles from last week. Investors appear cautious ahead of several scheduled speeches from the Fed,” Luis Limlingan, managing director at Regina Capital Development Corp, said.
The benchmark Philippine Stock Exchange index (PSEi) eased 0.79 percent, or 49.66 points, to settle at 6,214.83. The broader All Shares shed 0.31 percent, or 11.52 points, to 3,729.29.
Turnover reached P5.01 billion from 58,899 trades, involving more than 1.19 billion shares. Foreign investors were net sellers at P343.27 million, with purchases totaling P2.75 billion against sales of P3.09 billion.
Despite the pullback, rotation of funds was evident, with gainers outpacing losers 113 to 90, while 51 stocks were unchanged.
Limlingan noted the political noise from Sunday’s anti-corruption rallies was not a decisive factor.
“Ongoing political uncertainties may be weighing on market sentiment, but is difficult to blame for today’s decline since government financial institutions likely did not participate given the suspension of work in the government,” he said.
Japhet Tantiangco, research manager at Philstocks Financial Inc., added that the peso’s weak showing against the dollar also dampened sentiment.
“Sectors were mixed, with the miners taking the lead, up 1.65 percent. The banks were at the bottom, down 2.14 percent,” he added.
