PH, regional stock investors trade with caution on Trump jitters
Local stocks traded with caution Friday as regional markets braced for the inauguration of US President Donald Trump.
Pulling back after two days of bargain-hunting, the Philippine Stock Exchange index (PSEi) shed 13.42 points or 0.19 percent to close at 7,232.66.
Across the region, investors were likewise mostly cautious as good tidings from China’s better-than-expected fourth-quarter economic growth of 6.8 percent and US Federal Reserve Chair Janet Yellen’s less hawkish stance were drowned by jitters ahead of the changing of the guard in the White House.
For the week, the local stock barometer was flat compared with the previous week’s finish of 7,238.52.
Despite Friday’s decline, foreign investors were in a net buying position amounting to P121 million. Market breadth was also positive as there were more advancers (94) than decliners (84) among listed companies.
Nonetheless, the PSEi was weighed down by the industrial counter, which slipped by 1.19 percent due to the 3.99-percent decline suffered by Universal Robina Corp.
On the other hand, the holding firm counter dipped by 0.38 percent, dragged by Ayala Corp. and SM Investments Corp., which respectively dropped by 1.5 percent and 1.47 percent.
On the other hand, the property counter gained 1.1 percent while the financial, services and mining/oil counters all firmed up.
JG Summit rose by 2.12 percent while SM Prime and Semirara both gained more than 1 percent. Ayala Land, BDO Unibank, BPI and Aboitiz Equity also firmed up.
Outside of PSEi stocks, notable gainers included Bloomberry (+2.92 percent), D&L Industries (+1.43 percent) and Apex Mining (+1.45 percent).
Total value turnover stood at P5.69 billion.
