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PSEi ends below 8,500.

The local stock barometer slipped on Monday as investors remained cautious following the recent global market turbulence.

The Philippine Stock Exchange index (PSEi) shed 15.78 points or 0.19 percent to close at 8,487.91, bucking the rebound across regional markets.

Local stock brokerage Papa Securities said it continued to remain wary even as the US market had ended positively last Friday.

Given continuing volatility, Papa Securities said 'it might be best to raise cash, sell on strength near the index' initial resistance at 8,700 and keep liquid (position) given the possibility of downturn in the US markets.'

Except for the financial counter which closed slightly higher, all counters slipped. The worst hit was the mining/oil counter which fell by 1.22 percent.

Value turnover was thin at P5.86 billion. Foreign investors were net sellers amounting to P1.27 billion.

There were 118 decliners that edged out 94 advancers while 36 stocks were unchanged.

The PSEi was weighed down most by Jollibee, which fell by 3.08 percent, while DMCI lost 2.9 percent.

URC fell by 1.33 percent while Ayala Land, SM Investments, BPI, PLDT, Megaworld, Ayala Corp., Metro Pacific and JG Summit also slipped.

Outside of PSEi stocks, notable decliners included MacroAsia, which fell by 2.72 percent.

On the other hand, Metrobank bucked the day's downturn, gaining 2.72 percent.

Investors also gobbled up shares of retailer Wilcon Depot, which rose by 3.17 percent and was the day's most actively traded company.

Other notable gainers were non-PSEi stocks like Prime Orion (+28 percent), Now Corp. (+9.72 percent), San Miguel Purefoods (+4.29 percent) and Bloomberry (+0.3 percent).

PSEi composition intact

There will be no changes in the 30 stocks comprising the PSEi, based on the latest review covering the January to December 2017 period done by the PSE.

'For this index review period, we increased the minimum free float level requirement from 12 percent to 15 percent. This adjustment was made in anticipation of the plan of the Securities and Exchange Commission to increase the minimum public ownership for publicly-listed companies,' said PSE president and chief executive officer Ramon Monzon.

Aside from the float requirement of 15 percent, a company must meet the liquidity and capitalization criteria to be considered a PSEi constituent.

All sectoral indices, on the other hand, will see changes in their composition, effective Feb. 19.

The financials index will lose one member, Medco Holdings Inc. The Industrial index will gain two new members, namely Shakey's Pizza Asia Ventures, Inc. and SFA Semicon Philippines Corporation but will lose six members: Crown Asia Chemicals Corp., Energy Development Corp., Holcim Philippines, Pepsi-Cola Products Philippines Inc., Pryce Corp. and RFM Corp.

No new stock will join the holding firms sector but it will see the removal of Lodestar Investment Holdings Corp/, Pacifica Inc. and Top Frontier Investment Holdings Inc.

The property sector will see the addition of Philippine Realty and Holdings Corp. and the exclusion of Araneta Properties Inc., Cyber Bay Corp/ and MRC Allied Inc.

Meantime, MacroAsia Corp., PhilWeb Corp. and Waterfront Philippines will be part of the services index while 2GO Group Inc., Apollo Global Capital, Inc., Island Information and Technology, Inc., Premiere Horizon Alliance, Travellers International Hotel Group, Inc. and SBS Philippines Corporation will be removed.

Finally, the mining and oil sector will have Atlas Consolidated Mining and Development Corporation and Century Peak Metals Holdings Corporation among its members but the index will also see the exclusion of Marcventures Holdings Inc.
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Publication:Philippines Daily Inquirer (Makati City, Philippines)
Date:Feb 12, 2018
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