Philippine shares opened the week in the red as investors took profits after last Friday’s climb.
The 30-company Philippine Stock Exchange index (PSEi) was trading in the green during the morning session.
However, the index turned negative in the afternoon due to last-minute profit-taking, closing at 6,249.50—down 19.25 points or 0.31 percent.
The broader all shares index also ended in negative territory, dropping 14.60 points or 0.40 percent to 3,681.09.
Analysts said investors remained cautious amid lingering trade tensions.
The index further declined after the World Bank (WB) cut its growth forecast for the Philippines to below 6 percent from its previous target of 6.1 percent, citing global uncertainty.
The services sector led the gainers, rising by 1.33 percent, followed by property and holding firms, which advanced by 0.24 percent and 0.11 percent, respectively.
On the other hand, the financial sector declined by 1.86 percent, mining and oil fell by 0.86 percent, and industrials dropped by 0.28 percent.
Value turnover reached P5.135 billion. Foreign investors were net buyers, with inflows at P228.16 million.
Bloomberry Resorts Corp. was the top index gainer, rising 10.28 percent to P3.54 per share, while shares of BDO Unibank Inc. declined 3.42 percent to P155.50 apiece.
Asian stocks mostly rose on Monday as investors assess how the land lies on the trade war front with countries seeking to temper Donald Trump’s eye-watering tariffs.Investors were also keeping tabs on China after President Xi Jinping and other top leaders last week discussed plans to boost consumption in the world’s number two economy.
Markets started Monday on a tepid note after a much-needed positive run-up last week, with eyes on the upcoming earnings season, key data and central bank decisions.
“We head into month-end and a risk event-heavy trading week, with a ‘cautiously optimistic’ stance adopted by the collective,” said Chris Weston at Pepperstone.”
“Whether the move in risk can kick (on) will be determined by the incoming economic data and US company earnings, but the bar to beat expectations remains low and the wall of worry is there for climbing.” With AFP
