Weighed down by property stocks, PSEi loses 0.39%
The local stock barometer slipped in thin trade on Thursday as many investors have gone on a year-end holiday break.The main-share Philippine Stock Exchange index (PSEi) slipped by 30.32 points, or 0.39 percent, to close at 7,842.28, bucking mostly upbeat regional markets.
With just one day to go before the last trading day of the year, the PSEi has gone up by 376.26 points, or 5 percent, from the previous year’s closing.
On Thursday, the PSEi was weighed down most by the property counter, which lost 1.2 percent. The industrial, holding firm and services counters all fell slightly.
On the other hand, the mining/oil counter rose by 2.2 percent while the financial counter ended slightly higher.
Value turnover was very thin at P3.6 billion. There was net foreign buying amounting to P143.38 million.
Despite the PSEi’s decline, market breadth was positive as investors scouted for opportunities outside the main index. There were 105 advancers that edged out 81 decliners, while 50 stocks were unchanged.
Outside of the PSEi, Manila Water Co. Inc. continued to rebound, rising by 17.85 percent. Investors tempered previous expectations that the government would no longer renew its concession agreement beyond 2022.The PSEi was weighed down most by Gokongwei-led conglomerate JG Summit, which lost 3.3 percent, while SM Investments and URC both declined by over 2 percent.
Ayala Land, SM Prime and Jollibee all lost over 1 percent.
On the other hand, Security Bank gained 5.04 percent.
Metro Pacific and DMCI, the key investors at Maynilad Water Services Inc., both recouped over 4 percent as water concession fears eased.
GT Capital advanced by 2.93 percent while Ayala Corp. added 2.7 percent.
Megaworld, AGI and Puregold all rose by over 1 percent.
SMC, ICTSI and BDO also firmed up. INQ
