Morose PH economic picture sends stocks retreating

The benchmark Philippine Stock Exchange index (PSEi) pulled back following the previous day’s rally after investors took a pause on news that the economy could recover slower than expected amid the ongoing pandemic.

By the closing bell on Friday, the PSEi was marginally lower by 0.2 percent, or 11.05 points, to 5,931.61 while the broader all shares index was up 0.006 percent, or 0.2 points, to 3,563.85.

The timid activity came after think tank Japan Center for Economic Research said the Philippine’s economic contraction this year would be the most significant since 1984.

Moreover, it said growth in 2021 would be lower than the government’s own forecasts.

Among subsectors, property was the biggest loser with a 1.23-percent drop. Mining and oil surged higher by 4.68 percent, followed by services, up 0.75 percent.

A total of 9.15 billion shares valued at P5.63 billion changed hands. There were 119 gainers against 76 decliners, while 43 companies closed unchanged.

Dito CME Holdings Corp. was the most actively traded on Friday as it gained 7.32 percent to P6.16 per share.

It was followed by Metro Pacific Investments Corp., unchanged at P4.04; MRC Allied Inc., up 15.52 percent to P0.335; Bank of the Philippine Islands, down 0.77 percent to P64.50; and SM Prime Holdings, down 2.18 percent to P29.10 per share. —MIGUEL R. CAMUS