On Monday, the Philippine stock market experienced a downturn as investors readied themselves for a reduced trading week and the impending quarter-end closing.
The benchmark Philippine Stock Exchange Index (PSEi) fell by 0.42 percent, or 28.87 points, after the close of trading, to settle at 6,853.10. A minor contraction was also observed in the larger All Shares Index, which dropped by 9.69 points, or 0.27 percent, to 3,578.21.
Market data from the stock market showed that P5.48 billion worth of shares, or 553.23 million, were exchanged.
Only holding firms saw advances among the subsectors, helped along by index heavyweight DMCI Holdings Corp.
Following last week’s market advances, which were sparked by the US Federal Reserve’s announcement that it would be enacting three policy rate decreases this year, investors have been taking advantage of their winnings.
In order to break above the 7,000 barrier and maintain this level, the index will need “further support” from robust first-quarter profits, according to the most recent Market Call analysis from First Metro Investment Corp. and University of Asia and the Pacific.
Analysts also pointed out that the March inflation statistics might affect the direction of stocks before May’s income figures are released.
