PSEi retreats on lack of leads

Share prices on the Philippine Stock Exchange retreated on Monday after climbing the four previous trading days, dragged by the lack of leads.

The main PSEi shed 46.02 points or 0.69% to 6,628.49. The broader All Shares index lost 24.65 points or 0.61% to 4,022.83.

Local equities closed lower as the index consolidated in the 6,500 to 6,700 range on Monday, as Regina Capital Development Corp. Head of Sales Luis Limlingan noted the lack of catalysts to drive it higher.

"There was also a lack of leads with the US being closed for Memorial Day tomorrow," he said in a mobile message.

Limlingan said the market is also awaiting the maiden listing of consumer heavyweight Monde Nissin Corp. scheduled on Tuesday, June 1.

Monde Nissin issued 3.6 billion common shares at P13.50 apiece, with an overallotment option of 540 million common shares. The offer was oversubscribed.

More than 1.391 billion shares, valued at P5.386 billion, changed hands. Decliners led advancers, 103 to 85, and 57 issues were unchanged. — RSJ, GMA News