Syria jitters curb PSEi's rise | Inquirer Business

Syria jitters curb PSEi’s rise

By: - Business Features Editor / @philbizwatcher
/ 05:39 PM April 07, 2017
Key indices

Key indices

The local stock barometer rallied to the 7,600 mark on Friday but pared gains at close as investors turned jittery following America’s military air strike against Syria.

The main-share Philippine Stock Exchange index added 18.43 points or 0.24 percent to close at 7,583.75.

ADVERTISEMENT

The index hit as high as 7,667.33 but ended closer to the day’s low of 7,553.52.

“It looks like it was risk-off today, as investors cashed out due to concerns of a retaliation against the US’ missile strike in Syria. While we ended up, it was way off the intra-day high of 7,667 – also the year-to-date high,” said Manny Lisbona, president of PNB Securities.

FEATURED STORIES

“Next week might see continued weakness, the magnitude of which will depend on what happens next between the US and Syria. Note that next week is also a short week, so trading will likely be subdued,” he added.

The US’ air strike against Syria, the first direct offensive against the regime of Bashar al-Assad, was in retaliation for a chemical weapons attack in Idlib.

Despite the subdued closing, foreign investors remained net buyers in the stock market amounting to P1.55 billion for the day.

The day’s gains modest gains were led by the holding firm, services, mining/oil and property counters. On the other hand, the financial and industrial counters declined.

Value turnover for the day amounted to P9.74 billion.

There were 93 advancers that edged out 80 decliners while 63 stocks were unchanged.

The day’s biggest PSEi gainers included Megaworld, which surged by 6.2 percent while Jollibee added 5.2 percent.

ADVERTISEMENT

GT Capital, JG Summit and MPI were all up by over 2 percent while Security Bank and AGI both gained 1 percent.

Metrobank and PLDT also contributed gains.

On the other hand, URC tumbled by 5.44 percent after reporting a decline in profits while ICTSI fell by 2.2 percent.

BDO slipped by 1.15 percent while SM Prime, BPI, Puregold and Ayala Corp. also declined.

The business headlines in under one minute

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

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: Manny Cruz, PSEi, syria
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 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.