Monday, October 23, 2017
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PSEi flat on ‘Brexit’ talks

business / Editors' Picks
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PSEi flat on ‘Brexit’ talks

The stock barometer ended flat on Monday as fresh talks on Britain’s exit from the European Union – also known as “Brexit” – curbed risk-taking across regional markets.

Swinging from a modest loss in morning trade, the Philippine Stock Exchange index slipped by a slight 0.07 points or 0.001 percent to close at 7,238.45.

“The PSEi fell flat after being up most of the day as investors were waiting for the biggest market in the US to resume due to the extended holiday (Martin Luther King Day). In addition, some late sell off was triggered by the pound falling against the dollar, dropping below $1.20 for the first time since October’s flash crash, after reports said U.K. Prime Minister Theresa May will signal plans to quit the European Union’s single market to regain control of Britain’s borders and laws,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

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British voters had already voted in favor of Brexit last year but it’s still up to the Parliament to flesh out the plan.

Meanwhile, Limlingan noted that December retail sales had risen by 0.6 percent, reflecting a boost in confidence after the U.S. election. Sales at U.S. retailers accelerated in December on the heels of stronger demand for motor vehicles, capping a year of improvement for the nation’s merchants.

In Asia, Limlingan noted that China reported its steepest fall in overall oil exports in seven years, raising concerns about its economic health.

At the local market, the decline was led by the financial, industrial, services and mining/oil firms.

On the other hand, the property counter bucked the day’s downturn with its 1.28 percent gain, led by the 2.52-percent gain of property giant SM Prime which is set to open four new shopping malls this year with a total gross floor area of 292,000 square meters.

The holding firm counter was modestly higher.

Value turnover for the day amounted to P4.47 billion. There were just as many decliners as advancers for the day (94 each).

The PSEi’s decline was led by ICTSI which fell by 2.86 percent while Security Bank, Metro Pacific, Universal Robina Corp., Jollibee and AGI all fell by over 1 percent.

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BDO, EDC, Ayala Corp., Metrobank, GT Capital, Meralco and AEV also declined.

Outside of the PSEi, D&L (-2.38 percent) slipped in heavy volume.

Aside from SM Prime, advancers included PLDT, ALI and Globe.

Meanwhile, two non-PSEi stocks led by the Po family were among the extraordinary gainers. Shakey’s Pizza, the day’s most actively traded stock, rose by 4.42 percent while Arthaland surged by 25.81 percent.

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TAGS: Philippine stocks, PSEi
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