Share prices fall on profit-taking
Share prices on the Philippine Stock Exchange fell for the second consecutive trading day on Monday, as market players decided to pocket gains in index stocks.
The benchmark local stock barometer declined by 103.46 points or 1.23 percent to 8,330.02 at the closing bell. The broader All Shares shed 37.24 points or 0.76 percent to 4,894.62.
"In the afternoon session, we've seen investors take profits on index heavyweights like SM Investments, SM Prime Holdings, and Ayala Land," Jeffrey Lucero, equity research analyst at RCBC Securities Inc., said.
SM Investments fell by P27 or 2.76 percent to close at P953 per share, SM Prime lost P0.60 or 1.64 percent to P36 per share, and Ayala Land declined by P1.30 or 2.9 percent to P42.50.
SM Investments, SM Prime, and Ayala Land have a combined weight of 29.32 percent on the PSEi.
"I think there's just a lack of catalysts, at least on the company level, to justify current valuations," Lucero noted.
More than 1.570 billion shares, valued at P8.221 billion, changed hands. Decliners outnumbered advancers, 115 to 72, and 49 issues were unchanged.