Share prices fell last week as investors decided to cash in on their gains after the main index touched the 7,000-point level.

The benchmark Philippine Stock exchange index (Psei) fell 56.41 points to close at 6,851.38 points.

The main index was up during the first two days of trading during the week but it started to fall after it reached its high of 7,001.21 points.

average daily trading for the week was high at P7.63 billion. Foreign investors made up 43 percent of the trades and were net sellers at P6.72 billion.

all other subindices ended mixed with the broader all Shares index falling 7.75 points to 4,166.90 points, the Financials index gaining 23.21 to 1,491.40, the Industrial index rising 61.53 to 9,364.03, the holding Firms index declining 22.67 to 6,936.33, the Property index plunging 130.06 to 3,293.30, the Services index adding 16.11 to 1,558.65 and the Mining and Oil index giving up 146.51 to 9,311.04.

For the week, losers slightly edged gainers 122 to 114 and 17 shares were unchanged.

Top gainers for the week were ever-gotesco resources and holdings Inc., Jolliville holdings Corp., Sta. Lucia Land Inc., Cebu Landmasters Inc., Ginebra San Miguel Inc., Macay holdings Inc. and Cirtek holdings Philippines Corp.

Top losers were BHI holdings Inc., Boulevard holdings Inc., atlas Consolidated Mining and Development Corp., Bogo-medellin Co. Inc., Vitarich Corp., PTFC redevelopment Corp. and atok-big Wedge Co. Inc.

this week

Share prices may continue to slide this week as investors are looking for trade catalysts.

Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said sans a trade catalyst this week, selling pressures will continue to dominate the market.

“For catalysts, investors are seen to watch out for developments on our country’s vaccination campaign. a further progress on our vaccine procurement, and a further speed up in the number of individuals inoculated may spur positive sentiment. Investors may also monitor the country’s Covid-19 case counts. a slowdown in the daily increase of our cases may also help lift sentiment.”

The market will also take its cues from the upcoming meeting of the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) on Thursday.

“While the policy rate is projected to remain unchanged in the upcoming meeting, investors are seen to watch out for the BSP’S inflation expectations. a decline in expectations may also give a boost to the local market.”

Meanwhile, 2Tradeasia said investors are also reacting to the recent announcement of the US Federal reserve which indicated that it may start increasing its rates earlier than expected or in 2023 instead of 2024.

“While the BSP is expected to follow suit on the [US Fed’s] rate decision, it will be interesting [to see] how the Monetary Board will react to the US Fed’s plans in its next policy meeting. Brace for volatility, especially banks and highly leveraged shares, should BSP telegraph similarly hawkish messages, though at current circumstances, is unlikely,” the broker said.

Source: https://www.pressreader.com/article/281779927084961

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