Like its neighbors, PSEi struggles for gains

MANILA, Philippines — The local stock barometer remained in the doldrums on Wednesday in the absence of fresh catalysts that would prompt investors to make big moves.

The main-share Philippine Stock Exchange index (PSEi) slipped by 1.56 points or 0.03 percent to close at 5,892.72, in line with mostly sluggish regional markets.

“Local shares closed flat as investors appeared to overcome worries about renewed coronavirus lockdowns in Europe and rising political uncertainty in the US,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

Jerome Powell, the US Federal Reserve chair, called for “policy actions taken at all levels of government.” He suggested that the US economy would need more support to fully recover from the pandemic.

At the local market, the mining/oil counter was the most battered for the day, declining by 1.05 percent.

The financial, services and property counters ended slightly lower. The industrial and holding firm counters ended a tad higher.

Value turnover was thin at P4.45 billion. There was P95.9 million worth of net foreign selling.

There were 92 advancers, slightly more than 90 decliners, while 56 stocks were unchanged.

ICTSI and Megaworld fell by over 2 percent, while SM Investments, SM Prime, Ayala Land, BPI and GT Capital all slipped by less than 1 percent.

One notable decliner was Now Corp., which lost 5.49 percent on the back of an earlier “fourth telco” play that a former regulator refuted.

On the other hand, Jollibee gained 4.23 percent, while JG Summit added 2.78 percent.

BDO, PLDT, Metrobank, URC and AEV all added less than 1 percent.

Notable gainers outside the PSEi included MerryMart, which gained 4.67 percent after it announced the rollout of a “dark grocery” concept or purely online branches to complement its offline operations.

Manila Water also racked up 3.92 percent.