Local stocks end lower on disappointing economic developments overseas
Philippine stocks slid Friday as external economic concerns dampened news of upbeat domestic prospects and the successful official visit of Japanese Prime Minister Shinzo Abe.
The benchmark Philippine Stock Exchange index (PSEi) closed down 0.36 percent, or 26 points, to 7,238.52 while the broader All-Shares index was also lower by 0.44 percent, or 19 points, to 4,360.
Regional markets closed mixed after China reported disappointing trade figures.
Analysts had also previously noted that markets could remain volatile ahead of the inauguration of US President-elect Donald Trump on Jan. 20. Eyes are on any impact a Trump administration might have on the Philippines, especially the country’s robust outsourcing sector after the tycoon promised during the campaign to bring back jobs to America.
The dip Friday came even as HSBC said the Philippines would be a standout performer in the region, with growth this year seen at 6.5 percent. Japan’s Abe, meanwhile, pledged to provide 1 trillion yen in funding and investments in the Philippines over the next five years.
Data from the PSE showed that a total of 1.4 billion shares valued at P5.36 billion changed hands Friday. A total of 114 companies declined against 67 gainers and 55 firms that closed unchanged.
Losers were also broadly reflected among sub-indices. Only the industrial subsector ended positive, with a gain of 0.05 percent. Mining and oil led the decline with a loss of 2.76 percent.
SM Prime Holdings Inc. was the most actively traded as it shed 1.32 percent to close at P29.80 a share. This was followed by Nickel Asia Corp., down a staggering 13.7 percent to P7.33 each.
Other actively traded companies were PLDT Inc., down 1.27 percent to P1,481 a share; Ayala Corp., down 0.19 percent to P792; Metropolitan Bank and Trust Co., down 0.38 percent to P78; GT Capital Holdings Inc., up 1.54 percent to P1,320, and Security Bank Corp., down 1.29 percent to P214.20 a share.
