Stocks unloading continues on PH’s ‘fragile state’
The benchmark Philippine Stock Exchange Index (PSEi) fell on Thursday with sellers remaining in control amid still-weak prospects for the economy.
The PSEi sank 0.37 percent, or 23.86 points, to 6,415.53 while the broader all-shares index lost 0.43 percent, or 16.93 points, to 3,947.41 by the closing bell.
Asian Development Bank country director for the Philippines Kelly Bird told reporters the country’s economy remained in a “fragile state” for the first semester, pointing to the impact of the prolonged quarantine measures in Metro Manila and nearby provinces.
The losses extended to all subsectors, with mining and oil falling the most at 3.45 percent.
Trading volume was relatively subdued with 3.66 billion shares valued at P5.65 billion changing hands on Wednesday. There were 127 losers versus 71 gainers, while 46 companies closed unchanged.
Property giant Ayala Land Inc. was the most actively traded for the session as it lost 2.73 percent to P32.10 per share.
It was followed by SM Investments Corp., up 0.21 percent to P970; BDO Unibank Inc., down 2.46 percent to P103; Ayala Corp., unchanged at P745; and JG Summit Holdings, down 2.99 percent to P55.10 per share.
