Stocks down on external worries

The benchmark Philippine Stock Exchange index (PSEi) declined on Wednesday with a market observer linking the drop to external developments.

The PSEi was down 0.95 percent, or 68.2 points, to 7,129.42 while the broader All-Shares index was also lower by 0.49 percent, or 21.53 points, at 4,362.31.

“Philippine shares continued to be sold lower just as regional markets mostly ended lower on renewed fears regarding the trade war plus growing concerns that the US economy may have peaked,” said Luis Gerado Limlingan, managing director at Regina Capital Development.

A total of 1.06 billion shares valued at P6.4 billion changed hands yesterday, data from the PSE showed. Decliners outnumbered gainers, 112 to 74, while 45 companies closed unchanged.

The financial subsector suffered the biggest drop as it lost 1.82 percent. It was followed by mining and oil, down 0.86 percent, industrial, down 0.82 percent, and property firms, down 0.73 percent.

Only services gained to the tune of 0.41 percent.

Ayala Land Inc. was the most actively traded issue on Wednesday. The property giant lost 3.69 percent to P39.10 a share. It was followed by San Miguel Food and Beverage, down 1.06 percent to P83.80; SM Prime Holdings Inc., up 2.06 percent to P34.70; Vulcan Industrial and Mining, down 13.19 percent to P2.50, and Ayala Corp., down 0.82 percent to P910 a share.

The major gainers were Keppel Philippines Holdings, which rose 50 percent to P4.41 a share, and Starmalls, which jumped 32.77 percent to P7.90 a share.

Decliners were led by Benguet Corp. “B,” which was down 29.5 percent to P1.05 a share, and Synergy Grid, which lost 19.7 percent to P321.20 a share.