Pre-SONA PSEi closes 0.34% lower on profit-taking

PHILIPPINE shares retreated on Monday as investors took profit ahead of President Rodrigo Duterte’s second state of the nation address (SONA), which he delivered after the market closed.

The benchmark index fell 0.34 percent or 27.09 points to close at 7,962.64. The wider All Shares dropped 0.27 percent or 12.97 points to 4,758.67.

“There was a little of a buy-up on Friday’s close so there’s obvi Development Corp. said in a market note.

“The market also took a breather as the much awaited SONA would be delivered after trading hours,” the note, issued earlier in the day, added.

Harry Liu, president of Summit Securities Inc., viewed the day’s trade from a purely technical perspective.

“The President’s speech seems to have nothing negative,” Liu said, referring to the SONA’s impact on market sentiment. “The market is just doing the same thing -- resistance-support behavior, and waiting for the SONA,” he said before the close.

Nearly all indices were in the red. Property and Mining and Oil both lost 0.49 percent, Industrials slipped 0.39 percent, Holding Firms dropped 0.36 percent, and Financials dipped 0.10 percent.

The Services sector was the sole gainer, up 0.01 percent.

SM Prime Holdings was the biggest loser, dropping 2.30 percent, while MacroAsia Corp. rallied 14.95 percent.

More than 2 billion shares changed hands, valued at P5.8 billion. Decliners outnumbered advancers, 109 to 100, while 50 issues were unchanged.