Shares closed flat on Monday as investors positioned their bets ahead of President Rodrigo R. Duterte’s State of the Nation Address (SONA).
The bellwether Philippine Stock Exchange index (PSEi) was relatively flat during the day’s session before dropping 0.31% or 22.81 points to 7,376.80 by closing bell. The broader all shares index meanwhile added 0.15% or 6.62 points to 4,473.32.
“Investors placed bets ahead of the SONA on varied expectations of what President Duterte is expected to tackle later this afternoon. Value turnover was still weak, however it picked up when compared against the last few trading days,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile message on Monday.
Value turnover accelerated to P5.08 billion after some 657 million issues switched hands, recovering from the previous session’s P3.687-billion turnover.
Sectoral indices were split between gainers and losers. The industrial counter led the day’s gains, with an uptick of 1% or 104.82 points to 10,638.66, followed by mining and oil which jumped 0.47% or 45.99 points to 9,742.74. Financials went up 0.22% or 4.08 points to 1,836.31.
Meanwhile, property lost 0.69% or 25.14 points to 3,631.88; services slumped 0.46% or 6.62 points to 1,441.57; and holding firms dipped 0.27% or 19.49 points to 7,151.92.
Foreigners turned buyers, with net inflows of P196 million versus a net sales of P445.2 million last Friday.
Half of the 20 most actively traded stocks for the day finished with losses, led by the 2.48% decline in Puregold Price Club, Inc. to P45.25 each. Also in the negative were stocks of PLDT, Inc. (down 2.04% to P1,344); SM Prime Holdings, Inc. (down 1.35% to P36.50); and Ayala Corp. (down 0.94% to P951).
The same list showed eight gainers, led by San Miguel Food and Beverage, Inc. (up 12.9% to P70), and Metropolitan Bank & Trust Company (up 4.14% to P72.90). — Arra B. Francia

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