PSEi falls to 8,300
The local stock barometer pulled back to the 8,300 level on Monday as investors digested the latest stream of local third quarter corporate earnings.
The main-share Philippine Stock Exchange index shed 103.46 points or 1.23 percent to close at 8,330.02 while sentiment across the region was mixed.
The day’s decline was led by the financial, holding firm, services, mining/oil and property counters which all slid by over 1 percent.
Only the industrial counter managed to eke out a modest gain (+0.77 percent).
Value turnover for the day amounted to P8.22 billion.
There were 115 decliners that edged out 72 advancers while 49 stocks were unchanged.
The PSEi was weighed down most by Ayala Land and Semirara, which respectively fell by 2.97 percent and 3.13 percent. SM Investments also slid by 2.76 percent.
Megaworld lost 2.14 percent while PLDT, BDO and SM Prime all slipped by over 1 percent. Metro Pacific and Puregold also faltered.
Outside of the PSEi, notable decliners included Italpinas (-10.82 percent) and Bloomberry (-3.49 percent), which both succumbed to profit-taking.
Asked by the PSE to clarify an Inquirer report that Davao-based businessman Dennis Uy was interested to buy into Italpinas, the boutique property company told the local bourse on Monday: “..Like all growing companies, we are always open to discussing prospective collaboration with strategic partners. We have great respect for Dennis Uy’s group and their work.”
“However, at present, there is no binding commercial agreement to work together with Mr. Uy, or to enter into any transaction with Mr. Uy. IDC has considered the possibility of taking on key strategic investors, and continually assesses this possibility on a case to case basis. For now, however, there is no binding commercial agreement with any counter-party in particular,” Italpinas said.
