PSE index dips, bucks regional trend

Philippine stocks sank on Thursday, bucking the overall positive momentum in the region.

The benchmark Philippine Stock Exchange index, weighed down by profit-taking among conglomerates, sank 0.32 percent, or 28.25 points, to 8,820.74. The broader all-shares index was also down 0.11 percent, or 5.6 points, to 5,115.87.

Data from the PSE showed that a total of 1.14 billion shares valued at P9.98 billion changed hands on Thursday.
A total of 113 companies gained and 103 closed lower while 54 stocks closed unchanged.

Subsectors ended mixed, with services and property posting gains of 0.38 percent and 0.19 percent, respectively. Losers were led by mining and oil, down 0.9 percent, followed by financials, down 0.72 percent and holding firms, down 0.66 percent.

Metropolitan Bank and Trust was the most actively traded on Thursday as it sank by 0.51 percent to P98.20 per share.

It was followed by the Bank of the Philippine Islands, up 0.44 percent to P115; BDO Unibank, down 1.88 percent to P157; Ayala Land Inc., up 0.9 percent to P45; and Ayala Corp., down 2.36 percent to P1,035 per share.

Other actively traded firms were LT Group Inc., up 0.89 percent to P22.70, Jollibee Foods Corp., up 0.5 percent to P279, GT Capital Holdings, down 3 percent to P1,309, SM Prime Holdings, down 0.63 percent to P39.20 and SM Investments Corp., down 0.57 percent to P1,042 per share.