Philippines stocks retreat ahead of IPOs
All sectoral indices were down except for holdings firms
The Philippines stock rally was interrupted on Monday as the market retreated ahead of major IPOs for Eagle Cement Corp and Cebu Landmasters, reports the PhilStar. Eagle Cement, owned by the Ang family, is aiming for a May 29 listing.
All sectors except for holding firms were down on Monday, with the benchmark Philippine Stock Exchange index (PSEi) down 0.54%.