PHILIPPINE SHARES inched down on Monday in cautious trading before the inauguration of US President-elect Donald J. Trump.
The Philippine Stock Exchange index (PSEi) slipped by 0.03% or 2.23 points to end at 6,349.89 on Monday, while the broader all shares index dropped by 0.02% or 0.87 point to 3,702.86.
“Philippine shares started the week on a flat note… Focus shifts to Monday’s inauguration of Donald Trump, where investors will watch for early policy announcements,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message on Monday.
“The local market edged lower this Monday as investors traded cautiously while waiting for US President-elect Donald Trump’s inauguration. Investors in particular are waiting for the incoming president’s policies in his first few days in the office,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco likewise said in a Viber message.
Mr. Trump was set to be inaugurated overnight. He told thousands of roaring supporters he would impose severe limits on immigration on his first day in office, vowing to swiftly fulfill the central promise of his presidential campaign at a rally on Sunday inside a packed Washington arena a day before he returns to power, Reuters reported.
Mr. Trump repeated his campaign pledge to launch the largest deportation effort in US history, which would remove millions of immigrants. An operation of that scale, however, would likely take years and be hugely costly.
Mr. Trump’s rally, along with his inaugural address on Monday, could preview the tone he plans to adopt during his second White House term.
He vowed to repeal “every radical and foolish executive order of the Biden administration” within hours of assuming the presidency.
A source familiar with the planning said Mr. Trump will take more than 200 executive actions on Monday.
Sectoral indices were split on Monday. Property declined by 1.61% or 37.94 points to 2,316.66; services went down by 0.21% or 4.56 points to 2,098.21; and holding firms dropped by 0.08% or 4.56 points to 5,325.11.
Meanwhile, financials rose by 0.78% or 17.07 points to 2,189.45; mining and oil went up by 0.48% or 38.39 points to 7,930.96; and industrials climbed by 0.41% or 37.27 points to 8,972.63.
“Monde Nissin Corp. was the top index gainer, climbing 3.68% to P7.05. ACEN Corp. was the worst index performer, dropping 3.30% to P3.52,” Mr. Tantiangco said.
Value turnover dropped to P3.81 billion on Monday with 1.54 billion shares traded from the P4.93-billion worth of 993.88 million issues that changed hands on Friday.
Decliners outnumbered advancers, 105 versus 98, while 48 names closed unchanged.
Net foreign selling increased to P107.92 million on Monday from P97.37 million on Friday. — R.M.D. Ochave with Reuters
