The Philippine composite index on Monday slipped below the 6,800-mark anew as investors locked in gains ahead of the release later this week of the country's first-quarter economic growth data.
At the Philippine Stock Exchange, the benchmark index gave up 20.91 points, or 0.31 percent, to close at 6,790.42, extending its decline for the second consecutive session. Except for the marginal gain of the industrial counter, the other indices finished in the red led by the mining and oil, which shed 0.71 percent.
Decliners beat advancers, 97 to 69, while 51 issues were unchanged. Value turnover hit P7.22 billion, as 950.86 million shares changed hands.
The most actively traded stocks were Metrobank, Universal Robina, DoubleDragon, PLDT and Emperador. The top gainers were Jackstones, Liberty Flour and Keppel Holdings, while the biggest losers were Imperial Resources B, Bogo Medellin, and Roxas & Co.
"We encountered profit-taking today in the absence of fresh leads to buoy the local market," said Freya Natividad, investment analyst at Papa Securities.
Expectations of lower Philippine economic growth in the first three months of the year also weighed on sentiment, Natividad added.
Market consensus is that the Philippine economy will expand by 6.3 percent in the first quarter of 2014, outside the 6.5 percent to 7.5 percent full-year growth target of the government. The official GDP data will be out on Thursday.
"We expect the market to consolidate as investors position themselves in anticipation of GDP results," said Gab Aguila, equity analyst at DA Market Securities.
Local equities defied the rally in Asian markets, which hit a one-year high on the back of a positive performance on Wall Street and a victory for billionaire Petro Poroshenko in Ukraine's presidential election.
Last Friday, the S&P 500 hit a fresh high after an increase in home sales boosted confidence in the US economy.
The S&P 500 rose 0.42 percent to 1,900.53, while the Dow Jones Industrial Average gained 63.19 points, or 0.4 percent, to 16,606.27. The Nasdaq Composite Index rose 31.47 points, or 0.76 percent, to 4,185.81.
- Interaksyon
At the Philippine Stock Exchange, the benchmark index gave up 20.91 points, or 0.31 percent, to close at 6,790.42, extending its decline for the second consecutive session. Except for the marginal gain of the industrial counter, the other indices finished in the red led by the mining and oil, which shed 0.71 percent.
Decliners beat advancers, 97 to 69, while 51 issues were unchanged. Value turnover hit P7.22 billion, as 950.86 million shares changed hands.
The most actively traded stocks were Metrobank, Universal Robina, DoubleDragon, PLDT and Emperador. The top gainers were Jackstones, Liberty Flour and Keppel Holdings, while the biggest losers were Imperial Resources B, Bogo Medellin, and Roxas & Co.
"We encountered profit-taking today in the absence of fresh leads to buoy the local market," said Freya Natividad, investment analyst at Papa Securities.
Expectations of lower Philippine economic growth in the first three months of the year also weighed on sentiment, Natividad added.
Market consensus is that the Philippine economy will expand by 6.3 percent in the first quarter of 2014, outside the 6.5 percent to 7.5 percent full-year growth target of the government. The official GDP data will be out on Thursday.
"We expect the market to consolidate as investors position themselves in anticipation of GDP results," said Gab Aguila, equity analyst at DA Market Securities.
Local equities defied the rally in Asian markets, which hit a one-year high on the back of a positive performance on Wall Street and a victory for billionaire Petro Poroshenko in Ukraine's presidential election.
Last Friday, the S&P 500 hit a fresh high after an increase in home sales boosted confidence in the US economy.
The S&P 500 rose 0.42 percent to 1,900.53, while the Dow Jones Industrial Average gained 63.19 points, or 0.4 percent, to 16,606.27. The Nasdaq Composite Index rose 31.47 points, or 0.76 percent, to 4,185.81.
- Interaksyon
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