PSEi barely moves as hopes dim for economic rebound

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The stock barometer ended flat on Monday as investors worried over the pace of economic recovery amid extended lockdowns.

The main-share Philippine Stock Exchange index (PSEi) shed 1.59 points, or 0.03 percent, to close at 6,369.28 in thin trade, tracking mostly sluggish regional markets.

Value turnover was low at P4.39 billion as investors were unwilling to take big positions while others prepared for upcoming large public stock offerings.

On Monday, AC Energy’s follow-on offering worth P12.41 billion started and will run through May 7. About 1.91 billion primary and secondary shares will be offered at P6.50 per share.

In limbo

“The uncertainty on the pace of the economy’s recovery, is keeping the sentiment subdued,” said Christoper Mangun, head of research at AAA Equities.

“Investors will remain in limbo until we see clearer signs of a resumption in the economy’s recovery,” he added.

The index was dragged down by the industrial, services and property counters, while the financial, holding firm and mining/oil counters eked out modest gains.

There were 111 decliners that overwhelmed 83 advancers, while 56 stocks were unchanged.

ICTSI, SM Investments, Megaworld and Globe all slipped by less than 1 percent.

Decliners

Notable decliners outside the PSEi included Atlas Mining, which slid by 7.37 percent, while DDMP and PNB fell by 4.33 percent and 3.69 percent.

Dito lost 1.29 percent, while Apollo shed 1.97 percent.

The PSEi’s decline was tempered by the 2.27-percent gain of Metrobank. This was after reporting a 27.1-percent year-on-year growth in first quarter net profit.

Jollibee and Ayala Corp. both gained over 1 percent, while Ayala Land and BDO added less than 1 percent.

Outside the PSEi, one notable gainer was AC Energy, which climbed by 2.79 percent. Converge and Greenergy added 2.36 percent and 1.89 percent, respectively.

—DORIS DUMLAO-ABADILLA INQ


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