PSEi slips below 7,000 as investors stay on the sidelines

The benchmark Philippine Stock Exchange index (PSEi) pulled back on Friday as investors waited for further developments on the damage caused by Typhoon “Ulysses.”

By the closing bell on Friday, the PSEi was down 0.77 percent, or 54.38 points, to 6,969.88 while the broader all shares index was down 0.47 percent, or 19.25 points, to 4,083.55.

“Many investors remained on the sidelines to assess the damage brought about by Typhoon Ulysses,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors.

Moreover, news of rising COVID-19 cases and its impact on the economy continued to dampen sentiments, he said.

Subsectors were mixed on Friday, with property and mining and oil closing higher while losers were led by financials, holding firms and industrial stocks.

A total of 1.8 billion shares valued at P10.77 billion changed hands on Friday. There were 119 gainers to 85 decliners while 54 companies closed unchanged.

BDO Unibank Inc. was the most actively traded on Friday as it lost 1.38 percent to P93 per share.

It was followed by Ayala Land Inc., up 3.13 percent to P39.50; Bank of the Philippine Islands, down 3.14 percent to P81.70; SM Investments Corp., down 1.81 percent to P1,030; and SM Prime Holdings, up 1.17 percent to P38.7 per share. —MIGUEL R. CAMUS