Close  

PSEi slumps to 7,416.31 due to JG Summit discounted equity placement

/ 06:25 PM January 22, 2015
AFP photo

AFP photo

MANILA, Philippines — Most local stocks returned to the doldrums on Thursday, weighed down by the discounted equity placement by conglomerate JG Summit.

The Philippine Stock Exchange index lost 57.79 points or 0.77 percent to close at 7,416.31.

ADVERTISEMENT

The day’s decline was led by the holding firm counter, which in turn tumbled by 1.83 percent following a discounted share-sale by JG Summit.

Shares of JG Summit, the day’s most actively traded stock, slid by 11.16 percent to P62.10. This was after the conglomerate placed out P8.8 billion worth of shares at P61 per share — a discount of 12.7 percent from Wednesday’s closing.

FEATURED STORIES

Metrobank (-2.86 percent) also weighed down the index alongside Ayala Corp. (-1.07 percent), DMCI (-1.34 percent) and Megaworld (-1.7 percent).

ALI, URC, SMIC, SM Prime and BDO also weighed down the index.

Value turnover for the day amounted to P19.8 billion, bloated by the JG Summit equity deal. Foreign buying amounted to P9.05 billion versus foreign selling of P5.5 billion.

Most counters faltered except for the industrial counter, which slightly firmed up.

Market breadth was negative, with 106 decliners overwhelming 65 advancers while 48 stocks were unchanged.

On the other hand, the stocks that bucked the downturn included FGEN (+4.78 percent) and AGI (+2.16 percent).

The completion of a treasury stock placeout deal by FGEN removed the market overhang on this company.

ADVERTISEMENT

GTCAP, EDC, PLDT and Jollibee also traded higher.

Elsewhere in the region, trading was mixed ahead of the European Central Bank’s decision on monetary stimulus.

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

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.

TAGS: Business, JG Summit, Markets and Exchanges, Philippine Stock Exchange, Stock Activity, Stock Market
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.