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PSE underperforms regional marts

/ 04:44 PM March 08, 2018

The local stock barometer slipped back to the 8,300 level in thin trading on Thursday, underperforming regional markets, as foreign investors continued to trim holdings while local investors traded mostly volatile smaller-cap stocks.

The main-share Philippine Stock Exchange index (PSEi) shed 22.84 points or 0.27 percent to close at 8,381.85 while regional markets were mostly up as worries about trade wars eased.

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The PSEi was weighed down by the financial, industrial, holding firm and property counters.

On the other hand, the services counter gained 1.04 percent, while the mining/oil counter also slightly rose.

Value turnover was relatively thin at P5.83 billion as investors lacked fresh incentives to load up on shares. Foreign funds continued to flow out of the market, translating to P715.67 million in net foreign selling for the day.

Despite the PSEi’s decline, market breadth was positive. There were 118 advancers that edged out 85 decliners while 61 stocks were unchanged.

The PSEi was dragged down most by banking giant BDO, which fell by 3.1 percent, while globalizing fast-food chain Jollibee declined by 2.96 percent.

Jollibee is set to refinance the $80-million debt stock of American hamburger chain Smashburger.

Conglomerate Ayala Corp. lost 2.08 percent while URC dropped by 1.25 percent.

Outside of the PSEi, third telco aspirant Now Corp. slid by 10.1 percent. It was the day’s most actively traded company.

Bloomberry also slipped by a modest 0.14 percent.

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Meanwhile, PLDT and Puregold both gained over 2 percent. PLDT, for its part, announced an improved core profit guidance of P23 to P24 billion for 2018 versus P22.3 billion last year. Ayala Land, Metro Pacific and AEV also firmed up.

Many investors scouted for trading opportunities outside the large-cap stocks.

SBS Philippines surged by 50 percent. Central Azucarera de Tarlac also rallied by 36.39 percent on reports that Ayala Land is buying a 290-hectare parcel of its property in Barangay Central, San Miguel, Tarlac, a deal already approved by the country’s anti-trust body.

Vitarich jumped by 7.69 percent while Wilcon Depot added 2.54 percent.

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TAGS: Philippine stocks, PSEi
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