PSEi ends week on sluggish note
The local stock barometer ended the week on a sluggish note as investors pared holdings in large-cap stocks, tracking mostly weaker regional markets.
The main-share Philippine Stock Exchange index pulled back by 124.02 points or 1.47 percent to close at 8,337.04 on Friday.
For the week, the PSEi was still ahead by 32.34 points or 0.04 percent due to earlier gains arising from optimism on the ratification of the local tax reform program. On Friday, some optimism was tempered, however, by an impending 20-percent increase in the stock transaction tax.
On Friday, all counters ended in the red, led by the mining/oil and property counters which respectively slid by 3.62 percent and 2.78 percent.
The holding firm counter fell by 1.65 percent while the financial, industrial and services firms also slipped.
“Philippine (market) was sold down, which was a reversal from the bargain-hunting (Thursday). This was the same case with US stocks ending in the negative territory last Thursday, while (ending) positive on Wednesday. In the most recent rebalancing of the FTSE (Financial Times Stock Exchange 100 Index), the general consensus was to underweight many issues in the PSEi, which had to be effected immediately,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
“Investors were also selling on the news as series of central bank meetings concluded for the year beginning with the FOMC (Federal Open Market Committee) night,” he said.
Value turnover was relatively heavy at P10.72 billion.
There were 123 decliners that edged out 81 advancers while 38 stocks were unchanged.
Investors sold down shares of coal mining and power generation firm Semirara, which lost 5.14 percent, while property giant SM Prime also lost 4.76 percent.
BPI and AEV both shed over 3 percent while Ayala Land, SM Investments, Metro Pacific and DMCI all declined by over 1 percent.
URC and Megaworld fell by over 1 percent. Ayala Corp., Metrobank and JG Summit also slipped.
On the other hand, BDO gained 1.29 percent while Jollibee, Meralco, GT Capital and ICTSI slightly gained.
Outside the PSEi, one notable gainer was TBGI which rallied by 38.99 percent – in relatively heavy volume -as investors bet on possible third telecom plays.
TBGI is a duly-registered Clark Special Economic Zone (CSEZ) enterprise and holds a 25-year Congressional telecom franchise for commercial telecommunications operations. It also owns and operates satellite facilities at the 1.1-hectare area of former US Air Force Satellite Communication facility in CSEZ in Pampanga.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.