PHILIPPINE SHARES fell on Tuesday due to last-minute selling and as investors remain wary of continued uncertainty in the country and how companies are profiting.
The Philippine Stock Exchange (PSEi) index fell 0.17% or 10.87 points to close at 6,304.03, while the broader index of all shares fell 0.24% or 8.33 points to end at 3,427.04.
“Real estate mortgages remained low as a late sell-off emerged, with investors tracking weakness in regional markets. Sentiment remained cautious amid broader declines in neighboring markets. The market closed slightly as investors continued to monitor market developments, particularly with the effects of more capital to come,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
“Last-minute profit-taking has caused the local stock market to fall, investors are still worried about the uncertainty between the US and Iran,” said Philstocks Financial, Inc. Research Manager. Japhet Louis O. Tantiangco in a Viber message.
The PSEi opened Tuesday’s trade at 6,290.44, lower than Monday’s close of 6,314.90. However, it rose to an intraday high of 6,349.35, while its low was 6,283.09.
Meanwhile, President Donald J. Trump said Monday that the United States is “happy .talks” with Iran and there was a chance of a deal, but he warned that US strikes would continue if talks failed to materialize, Reuters reported.
Most industry indexes closed higher. Mining and oil rose 0.5% or 80.03 points to 16,084.05; financial instruments rose 0.35% or 6.80 points to 1,928.69; services rose 0.17% or 6.08 points to 3,435.91; and holding firms rose 0.01% or 0.51 point to 4,422.37.
Meanwhile, industrials fell 1.23% or 104.52 points to 8,339.43, while commodities fell 0.73% or 14.09 points to 1,909.94.
Decliners beat promoters, 89 to 78, and 68 names were unchanged.
“Converge ICT Solutions, Inc. was the day’s index leader, up 3.47% to P10.72 after the hunt. Manila Electric Co. (Meralco) was the top performer, down 4.66% to P562 following ßPresident Ferdinand R. Marcos, Jr.
Meralco said it is willing to participate in discussions on the proposed amendments to the Electric Power Industry Reform Act, adding that it has kept its system losses below the 6.5% average of the Energy Regulatory Commission.
The stock rose to P6.67 billion on Tuesday with 790.17 million shares trading up from P4.81 billion and 448.08 million shares that changed hands on Monday.
Net imports were at P115.12 million compared to P196.45 million in net sales in the previous period.
Meralco’s controlling shareholder, Beacon Electric Asset Holdings, Inc. is part of PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund that is a subsidiary of MediaQuest Holdings, Inc., has an interest in PLDT Beneficial Trust Fund BusinessWorld through the Philippine Star Group, which controls. – Alexandria Grace C. Magno
