Stocks weaken amid uncertainties

The PSEi started the month lower after cautious investors quickly sold down stocks after early gains.

The main index shed 10.17 points or 0.15 percent to close at 6,721.08 points as Banks led the decline while the Industrial sector was the only one that managed to advance. Volume fell to 795 million shares worth P3.61 billion as losers beat gainers 99 to 60 with 67 unchanged.

“Philippine shares traded quietly as investors take a quick pause before the holiday tomorrow as the calendar becomes loaded again with important data,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Wall St. awaits the FOMC’s statement on monetary policy this coming Wednesday, when the Fed is expected to deliver a 50bps rate hike along with a hawkish message.”

Aside from this, investors are keeping an eye on April’s jobs report due Friday and a flurry of earnings reports in the US and Philippines throughout the week.

Philippine April inflation data is scheduled for Thursday while the March unemployment rate is due Friday.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its decline this Monday after early gains were wiped out as investors traded cautiously ahead of the Philippines’ April inflation data release where a faster print is expected.”

He added that, the low value turnover reflects weak trading as many investors stayed on the sidelines amid lingering uncertainties.

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