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PSEi ends 1.24% down

/ 05:12 AM February 28, 2019

The local stock barometer fell below 7,900 yesterday as some foreign funds flowed out of the local market due to lack of fresh incentives to buy more.

The main-share Philippine Stock Exchange index (PSEi) shed 99.04 points, or 1.24 percent, to close at 7,889.12.

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“Expect more muted movement in the near-term on a lack of catalysts here in the Philippines and abroad,” stock brokerage Papa Securities said.

The local market was dragged down by the industrial, holding firm, services and property counters, which all tumbled by over 1 percent.

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The day’s saving grace was the financial counter, which rose by 0.84 percent, as big banks like BDO and BPI reported strong fourth quarter results.

Value turnover for the day hit P7.43 billion. Foreigners were net sellers to the tune of P250.66 million for the day.

There were 123 decliners that overwhelmed 69 advancers, while 63 stocks were unchanged.

The PSEi was weighed down by PLDT and San Miguel Corp., which both lost over 4 percent.

Megaworld declined by 3 percent while Jollibee, JG Summit and URC all slipped by over 2 percent.

Metrobank, SM Prime, AGI and RLC all fell by over 1 percent. Ayala Land and Ayala Corp. also slipped.

Outside of the PSEi, EEI slid by over 8 percent, while San Miguel Food & Beverage lost 2.9 percent.

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Banking stocks BDO and BPI bucked the day’s downturn.

BDO—the day’s most actively traded company—was up by 1.9 percent after beating its 2018 earnings guidance.

BDO posted a record profit of P32.7 billion in 2018, beating its full-year guidance of P31 billion. This suggested that the bank generated P11.18 billion in net profit in the fourth quarter alone versus the P21.52 billion combined net profit in the first three quarters.

BPI gained 1.88 percent. It grew its fourth quarter net profit by 13 percent year-on-year to P6.07 billion, allowing the bank to post a full-year growth in earnings after a flat performance in the first three quarters. Its full year net income reached P23.08 billion, up by 3 percent from the previous year on improved margins and an expansion in earning assets.

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TAGS: Local Stock, Philippine Stock Exchange index (PSEi)
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