Local stocks gasp for air as regional markets get caught in political wave
Philippine stocks ended in the green after a volatile session that also saw regional equities close on a mixed note.
The benchmark Philippine Stock Exchange index (PSEi) ended Friday up 0.32 percent, or 21.87 points, to 6,886.74 after recovering from losses earlier in the session. The all-shares index was up 0.19 percent, or 7.96 points, to 4,166.49.
Gains were not broad-based, with almost as many losers as there were gainers. Sub-indices on Friday also closed mixed and trading volume came in weaker than expected.
Gaining sub-sectors were only holding companies and industrial, up 1.24 percent and 1.08 percent, respectively. All the rest were down, led by a 1.46 percent drop by property stocks; followed by services, down 0.81 percent; and financials, down 0.26 percent.
A total of 838.3 million shares valued at P6.85 billion changed hands on Friday. There were 90 gainers against 89 losers, while 45 companies closed unchanged.
Foreign selling also prevailed. Total foreign money exited to the tune of P4.23 billion, for a net loss of P223.3 million.
BDO Unibank Inc. was the most actively traded Friday, as it gained 1.14 percent to P115.20 per share.
This was followed by Ayala Land Inc., down 1.2 percent to P33; Ayala Corp., up 0.07 percent to P739.50; Universal Robina Corp., up 0.76 percent to P171.50; and Metropolitan Bank and Trust, down 0.52 percent to P76 per share.
In other parts of Asia, stocks turned negative Friday and oil prices retreated along with the dollar as investors took a step back from a recent rally, while caution set in ahead of a crunch referendum in Italy at the weekend.
Japan’s Nikkei, which on Thursday closed at its highest level this year, slipped 0.5 percent, while Hong Kong gave up 1.2 percent and Shanghai slipped 0.9 percent.
Sydney fell one percent and Seoul shed 0.7 percent, while Singapore gave back 0.3 percent. –With Agence France-Presse
