Snap Stock- PSEi snaps 4-day rally | The Manila Times
The local market opened the trading week back in the negative territory, following its four-day consecutive gains last week.
The benchmark Philippine Stock Exchange index (PSEi) slipped by 0.69 percent or 46.02 points to close at 6,628.49, while the wider All Shares dipped by 0.61 percent or 24.65 points to end at 4,022.83 on Monday.
The market opened at 6,656.88 and reached an intraday high of 6,687.64 and a day low of 6,588.04 before closing slightly higher.
Regina Capital Development Corp. Managing Director Luis Limlingan said the local bourse ended lower after its successive gains last week as “the index consolidated in the 6,500 to 6,700 range.”
Limlingan noted that investors are also waiting for the listing of food and beverage company Monde Nissin Corp. to the stock exchange to kickstart the month of June.
Monde Nissin will go public on June 1 and its initial public offering serves as the largest on the Philippine Stock Exchange.
Limlingan added that there was also a lack of leads as the US markets will be closed for the upcoming Memorial Day.
Meanwhile, there were foreign buyers as the market recorded net foreign buying of P56.14 million on Monday.
Only the financials sector inched up at 0.07 percent, while the rest of the local sectors were in the red with property leading the decline at 1.48 percent.
Total volume turnover was at 1.39 billion valued at P5.39 billion.
Losers edged out winners at 103 to 85, while 57 securities were unchanged.