Stocks end flat on lack of leads, US-North Korea

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PHILSTAR/KRIZ-JOHN ROSALES

THE MAIN INDEX closed flat on Monday due to a lack of leads, alongside muted trading overseas.

The 30-member Philippine Stock Exchange index (PSEi)went down 0.06% or 4.61 points to close at 7,642.90 Monday, May 28.

The broader all-shares index also dropped 0.14% or 6.56 points to 4,648.11.

“Philippine markets closed slightly in the red with lack of activity from the US counterparts, which are still enjoying the long weekend and developments regarding the US and North Korea kept investors on the sidelines,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message.

US officials went to North Korea over the weekend to prepare for the summit between US President Donald J. Trump and North Korean leader Kim Jong Un. The meeting scheduled for June 12 aims to produce a framework for a nuclear agreement between the two countries.

Last Friday, the Dow Jones Industrial Average gave up 0.24% or 58.67 points to 24,753.09, while the S&P 500 index was also down by 0.24% or 6.43 points to 2,721.33. The Nasdaq Composite index on the other hand climbed 0.13% or 9.43 points to 7,433.85.

Most Asian markets ended mixed on Monday, affected by the slump in oil prices and renewed optimism in the Korean peninsula.

Back home, sectoral indices were split between gainers and losers. Services lost 1.94% or 29.33 points to 1,482.83, while industrials went down 0.23% or 25.37 points to 10,948.99. Property also gave up 0.13% or 5.19 points to 3,815.27.

Financials advanced 0.79% or 14.92 points to 1,897.43. Mining and oil gained 0.39% or 38.16 points to 9,782.31, while holding firms rose 0.04% or 3.63 points to 7,509.79.

Some 501.90 million issues switched hands, resulting in a value turnover of P5.39 billion, higher than Friday’s P5.10 billion.

Decliners prevailed for the day at 129, while 74 issues gained and 38 remained unchanged.

Net foreign selling stood at P421.90 million on Monday, higher than the P267.81 million recorded last Friday.

Regina Capital’s Mr. Limlingan said investors will be looking at the release of the US Federal Open Market Committee’s Beige Book from its June meeting on Wednesday. Locally, banking data will be released on Thursday, followed by the Nikkei Purchasing Managers’ Index on Friday.

Twelve of the 20 most actively traded stocks of the day were losers, led by PLDT, Inc. which dropped 6.16% to P1,295 each. Bloomberry Resorts Corp. followed with a 4.24% decline to P11.30 apiece.

Third telco aspirant Now Corp. was the among the day’s top gainers, climbing 8.38% to P11.64 each. Robinsons Retail Holdings, Inc. also gained 2.81% to P89.60 each.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arra B. Francia