PSEi closes slightly down on disappointing GDP growth

The local stock barometer ended flat on Thursday as a regional rebound mitigated the impact of the country’s disappointing second quarter gross domestic product (GDP) growth.

The main-share Philippine Stock Exchange index (PSEi) shed 3.23 points or 0.04 percent to close at 7,914.16, weighed down most by the financial, industrial, holding firm and property counters.

Eagle Equities president Joseph Roxas said the index did not fall as much—even if the 5.5 percent GDP growth fell below the 5.9-percent market consensus—because the market was rife for a technical rebound.

AAA Securities head of research Christopher Mangun said Asian equities markets mostly ended higher after Beijing reported solid trade numbers. “Stability was brought back to the yuan as the People’s Bank of China fixed it at a little bit above 7 to the dollar which also helped raise the sentiment,” he said.

The PSEi’s decline was tempered by the increases in the services and mining/oil counters, which rose by 3.06 percent and 1.5 percent, respectively.

Value turnover for the day hit P6.25 billion. There was minimal net foreign selling of P67 million.

Despite the slight PSEi decline, advancers beat decliners 103-91 in the local market, while 45 stocks were unchanged.

The PSEi was dragged down by Megaworld, which slid by 5.89 percent, while  BDO lost 2.54 percent.

GT Capital declined by 1.04 percent while SM Prime, Jollibee, Metrobank, SM Investments, Ayala Corp. and RLC all slipped at a modest pace.

One notable decline outside the PSEi was D&L, which shed 1.9 percent after posting sluggish second quarter earnings.

Meanwhile, Bloomberry and PLDT both surged by over 6 percent, while Security Bank added 5.26 percent.  They all posted higher earnings in the first semester. —DORIS DUMLAO-ABADILLA