Property stocks bomb in humdrum trade
The local stock barometer slipped in another thin trading session on Friday as investors dumped large-cap stocks, especially property firms.
The main-share Philippine Stock Exchange index (PSEi) shed 58.91 points or 0.96 percent to close at 6,088.75 at the dawning of the second quarter local corporate earnings reporting season.
“The PSEi closed the Friday session lower as investors parsed mixed US corporate earnings reports and economic data in the wake of a drop in Asian markets. Fed (US Federal Reserve) officials warned the US outlook is getting worse and they’re prepared to deal with it,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.
The PSEi was weighed down most by the property counter, which lost 3.51 percent. Property giants SM Prime and Ayala Land slid by 4.59 percent and 3.65 percent, respectively.
The mining/oil counter fell by 1.34 percent. The financial, holding firm and services all slipped by less than 1 percent.
On the other hand, the industrial counter added a marginal 0.02 percent.
Value turnover was thin at P4.11 billion. Foreign selling aggravated the market’s decline as there was a net outflow of P525.73 million for the day.
There were 123 decliners that beat 69 advancers, while 44 stocks were unchanged.
Aside from local property giants, Metro Pacific weighed down the index with its 2.1-percent drop, while index heavyweight SM Investments—the day’s most actively traded company—fell by 1.39 percent.
PLDT, URC, BPI, Megaworld and GT Capital all slipped by less than 1 percent.
Notable decliners outside the PSEi included MerryMart and Cirtek, which lost 3.35 percent and 4.51 percent, respectively.
On the other hand, AEV and Ayala Corp, gained over 1 percent. BDO, Jollibee and Globe all rose by less than 1 percent.
Outside the PSEi, there was extraordinary trading on ATN Holdings, which rose by 10 percent.
For the week, the PSEi fell 108.63 points or 1.75 percent. —DORIS DUMLAO-ABADILLA
