The Philippine market opened weaker on Monday after the U.S. market ended its five-day winning streak last Friday.
The bellwether closed 1.71 percent or 49.10 points weaker to settle at 2,821.73, nearly wiping everything it gained last week. The all share index was likewise down by 1.22 percent or 22.28 points to 1,800.66.
Trading was higher where some 4.68 billion shares valued at 2.91 billion pesos (60.01 million U.S. dollars) were exchanged. Foreign investors continue to be net sellers at 260 million pesos (5.36 million U.S. dollars).
All six subsector indices moved lower, led again by the property sector which dipped by 2.97 percent or 32.86 points to 1,071.72.
Market breadth was extremely negative where a total of 79 stocks lost their value while only 27 shares, mostly second and third-liner issues, went up and 55 were unchanged.
"U.S. markets closer lower last Friday which prompted a weak opening for the composite index. What was surprising was that the local stock market continued to decline throughout the session as most index issues were sold," said Prince A. Yeung of local brokerage AB Capital Securities, Inc..
The Dow Jones industrial average slipped by 0.23 percent or 22.07 points to 9,605.41 on Friday after crude prices retreated anew.
Yeung said the local market's steep decline came as a surprise as most investors and analysts were expecting the local stock market to move either flat or slightly higher on Monday.
Most stocks in the 30-company index suffered.
Smaller-cap issues took the limelight Monday as investors shied away from blue chips. Banks like Security Bank Corp. for instance rallied by 8.91 percent or 4.50 pesos (0.09 U.S. dollar) to settle at 55 pesos (1.13 U.S. dollars) apiece, as compared to their bigger rivals like Philippines' largest bank Banco de Oro Unibank,Inc. which lost 1.42 percent or 0.50 pesos to 34.50 pesos (0.71 U.S. dollar).
Likewise, Philippines' largest property developer Ayala Land, Inc. went down by 2.22 percent or 0.25 pesos to 11 pesos (0.22 U.S. dollar).
Heavyweight Philippine Long Distance Telephone Co. tumbled by 0.82 percent or 20 pesos (0.41 U.S. dollar) to 2,405 pesos (49.59 U.S. dollars). Philippines' largest power distributor Manila Electric Co. was also down by 3.66 percent or 7 pesos (0.14 U.S. dollar) to close at 184 pesos (3.79 U.S. dollars).
Source: Xinhua
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