Profit-taking, faster-than-expected Nov. inflation pull down PH shares

The local stock barometer slipped on Friday as investors reassessed gains after a three-day upswing, but the 7,100 barrier remained intact.

The main-share Philippine Stock Exchange index (PSEi) shed 59.57 points or 0.83 percent to close at 7,134.56 as the country reported a fas­ter-than-expected rise in consumer prices in November in the aftermath of a series of typhoons.

Elsewhere in the region, trading sentiment was mixed.

For the four-day trading week, the PSEi added 343.1 points or 5 percent.

“The PSEi closed lower due to some profit-taking, mixed signals from the United States and the higher than expected inflation print,” said Luis Gerardo Limlingan, managing director at local stock brokerage Regina Capital Development.

The country’s annual headline inflation came in higher than expected at 3.3 percent in November from 2.5 percent in October, the fastest pace seen since April 2019. The consensus forecast was only at 2.6 percent.

The market was weighed down most by the holding firm and property counters, which slipped by over 1 percent.

The industrial, services and mining/oil counters also declined.

Only the financial coun­ter managed to eke out modest gains.

Value turnover for the day amounted to P8.47 billion. Domestic investors kept the market afloat as there was P269 million worth of net foreign selling.

There were 121 advancers that edged out 103 decliners, while 49 stocks were unchanged.

The PSEi was dragged down by property giant SM Prime, which lost 3.59 percent, while JG Summit likewise tumbled by 3.17 percent.

SM Investments declined by 2 percent, while ICTSI and PLDT both slipped by less than 1 percent.

On the other hand, RLC added 3.79 percent, while Security Bank, Metro Pacific, GT Capital and Megaworld all added over 1 percent.

BDO, Ayala Land, Ayala Corp., BPI, Metrobank and Jollibee all firmed up by less than 1 percent. —DORIS DUMLAO-ABADILLA