Remittances reports turn off market; PSEi down 1.27%

The benchmark Philippine Stock Exchange index yesterday sank as investors were disappointed with the latest results on overseas remittances, a pillar of the country’s economy.

The benchmark Philippine Stock Exchange Index dropped 1.27 percent, or 106.2 points, to 8,273.44 while the broader all-shares index was down 1.01 percent to 4,864.15.

“Philippine shares were sold down as investors were disappointed by the rather steep drop in the latest remittance figures of a little over 8 percent in September,” Luis Gerado Limlingan, managing director at Regina Capital Development, said.

He added that second quarter gross domestic product growth was revised higher to 6.7 percent. He said this put “more pressure” on the release of third quarter results today.

Also reflecting that worry was the market’s performance on a per sector basis. All subindices were down yesterday, led by mining and oil, lower by 2.12 percent, followed by holding firms, down 1.49 percent and property’s 1.26 percent decline.

Metro Pacific Investments Corp. was the most actively traded stock yesterday, posting a gain of 0.15 percent to P6.75 per share.

It was followed by Puregold Price Club Inc. which, however, slid by 1.02 percent to P48.60; Manila Electric Co., down 0.93 percent to P319; Ayala Land Inc., down 0.71 percent to P42.20, and BDO Unibank Inc., down 1.12 percent to P141 per share.