PHILIPPINE STOCKS fell on Monday due to profit-taking and a last-minute selloff as investors sought new leads.
The Philippine Stock Exchange index (PSEi) decreased by 0.3% or 19.25 points, closing at 6,249.50, while the wider all shares index dropped by 0.39% or 14.60 points to finish at 3,681.09.
The PSEi commenced the trading day at 6,293.51, above Friday’s closing of 6,268.75. It reached a peak of 6,323.45 during the day but concluded at its lowest point.
The last-minute selling led to the benchmark index finishing in the red, according to Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco in a Viber message.
“Investors opted for a cautious approach while anticipating new developments, particularly concerning trade negotiations between the United States and other nations to alleviate the ongoing global trade tensions,” Mr. Tantiangco stated.
US Treasury Secretary Scott Bessent on Sunday did not support President Donald J. Trump’s claim that tariff discussions with China were taking place, stating he was unsure if the US president had communicated with Chinese President Xi Jinping, as reported by Reuters.
The Trump administration indicated a willingness last week to reduce a trade conflict between the two largest economies, which has raised recession concerns. Mr. Trump himself has claimed that discussions on tariffs were in progress with China and that he and Mr. Xi have talked.
Nevertheless, Beijing has refuted that any trade discussions are happening.
Mr. Bessent, who has mentioned previously that tariff negotiations with Beijing would be a “slog,” did not provide a timeline for any possible agreement with China.
He noted that a trade deal can require months, but de-escalation and a preliminary agreement could be reached sooner, preventing tariffs from reverting to the highest levels.
“Philippine shares fell to profit-taking after the recent rally last Friday as investors prepare for month-end,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan indicated in a Viber message.
Sector indices were varied on Monday. Financials sank by 1.85% or 44.87 points to 2,369.93; mining and oil dropped by 0.86% or 86.37 points to 9,915.21; while industrials fell by 0.27% or 24.53 points to 8,774.50.
Conversely, services rose by 1.32% or 26.16 points to 1,998.75; property increased by 0.24% or 5.48 points to 2,276.15; and holding firms advanced by 0.10% or 5.57 points to 5,270.78.
Value turnover decreased to P5.74 billion on Monday with 743.002 million shares traded, down from P6.74 billion with 1.42 billion issues exchanged on Friday.
Decliners surpassed advancers, 98 to 94, while 58 stocks remained unchanged.
Net foreign buying dropped to P228.16 million on Monday from P352.79 million on Friday. — R.M.D. Ochave with Reuters
