PHILIPPINE SHARES ended in negative territory on Monday as investors awaited the government’s announcement of new quarantine protocols in Metro Manila and nearby provinces.

The benchmark Philippine Stock Exchange index (PSEi) fell 8.13 points or 0.13% to 6,068.78 while the broader all shares index went down 1.85 points or 0.05% to 3,594.34.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a mobile phone message that aside from anticipation for President Rodrigo R. Duterte’s announcement regarding new lockdown measures scheduled Monday night, investors are likewise still “digesting” the first-half earnings of listed companies following the last day of reporting.

“The government is expected to announce new guidelines in Metro Manila and other areas. Many investors are anticipating more relaxed lockdown measures since the Palace is very vocal that we cannot afford to extend the strict measures,” Ms. Alviar said.

“Relaxed quarantine guidelines will give a positive sentiment for the market while extending strict lockdown will point otherwise,” she added.

Meanwhile, PNB Securities, Inc. President Manuel Antonio G. Lisbona said Aug. 16 marked the start of the Chinese ghost month, when the index historically goes into a slump as investors typically hold off on trading.

“Looks like the market is poised to confirm yet another year where the ghost month’s bearish nature will prevail,” Mr. Lisbona said in a mobile phone message.

Most sectoral indices declined on Monday, except property which increased 14.28 points or 0.48% to 2,959.77 and holding firms which rose 14.09 points or 0.22% to 6,259.11

Meanwhile, industrials fell 71.81 points or 0.9% to 7,884.28; financials shrank 10.23 points or 0.88% to 1,151.69; services contracted 7.72 points or 0.53% to 1,432.01; and mining and oil retreated 25.36 points or 0.43% to 5,843.88.

Value turnover stood at P5.76 billion on Monday with 3.07 billion issues switching hands, down from the previous trading day’s P9.46 billion with 6.80 billion issues.

Decliners beat advancers, 104 against 73, while 62 names ended unchanged.

Net foreign selling stood at P489.04 million at the close of Monday’s session versus Friday’s net buying worth P516.25 million.

“Foreigners turned net sellers after two consecutive days of being net buyers. As we progress through the week, we’ll have to see if the 6,000 support area holds,” Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said in a mobile phone message.

“Given the current economic circumstances, the odds are high that the market will not break through 6,100 or sustain a move above 6,100 if it does break out,” PNB’s Mr. Lisbona said. — R.M.D. Ochave

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