Close  

PSEi in worst single-day performance since 2016

/ 05:03 AM August 06, 2019

The local stock barometer pulled back sharply on Monday, weighed down by the bloodbath across regional markets as well as local corporate earnings jitters.

The main-share Philippine Stock Exchange index (PSEi) shed 239.91 points or 2.95 percent to close at 7,890.02, slipping below bull territory as foreign investors dumped local blue chips. This was it worst single-day performance since 2016.

ADVERTISEMENT

The market was dragged down by around P1.2 billion worth of net foreign selling.

Manny Cruz, chief strategist at Papa Securities, said Philippine equities would trade with a downward bias this week amid continued weakness in Wall Street. He noted that a more hawkish-than-expected US Federal Reserve policy outlook and US President Donald Trump’s new trade spars with China would gnaw on sentiment.

The day’s most actively traded company was Jollibee, which shed 4.26 percent. The fast-food giant saw a 34.4-percent year-on-year drop in attributable net profit in the first semester to P2.66 billion. For the second quarter alone, its net profit slid 50.2 percent year-on-year to P1.1 billion due to losses booked by American hamburger chain Smashburger and extraordinary manufacturing expenses related to Red Ribbon’s transition to a new plant.

By counter, the PSEi was weighed down most by the property counter, which slumped by 3.46 percent.

The financial, industrial and holding firms all declined by over 2 percent, while the services counter lost 1.81 percent.

The mining/oil counter bucked the day’s downturn, rising by 1.16 percent.

Value turnover for the day amounted to P6.37 billion. There were 149 decliners that edged out 55 advancers, while 47 stocks were unchanged. —DORIS ABADILLA

ADVERTISEMENT
Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

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: Business, PSEi, stocks
For feedback, complaints, or inquiries, contact us.
globalnation

‘False pride’: Palace memo on foreign aid, loans hit

September 22, 2019 05:15 AM

newsinfo

Polio blame game: PAO chief lashes back at ‘trolls’

September 22, 2019 05:10 AM

business

Ramon Ang rallies hunger champions

September 22, 2019 05:10 AM

lifestyle

It’s still paradise in Coron, despite the rains

September 22, 2019 05:10 AM



© Copyright 1997-2019 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.