Risk aversion keeps investors away from PH bourse; stocks down

The local stock barometer ended the week on a sluggish note as investors remained generally averse to risk-taking, keeping in mind uncertainties over domestic economic prospects and the COVID-19 vaccination rollout.

The main-share Philippine Stock Exchange index (PSEi) went down by 24.07 points or 0.38 percent to close at 6,258.71.

“Philippine shares closed lower as investors focused their attention on the highly anticipated jobs data, while fund managers continued to assess the new set of earnings that came out,” said Luis Gerardo Limlingan, managing director at Regina Capital Development. Meanwhile, he said other investors continued tracking countries that have been vaccinating rapidly in hopes that their economies would recover sooner than others.

Foreigners were net sellers amounting to P637.59 million for the day.

There were 106 decliners versus 104 advancers, while 35 stocks were unchanged.

Value turnover was still meager at P4.66 billion.

Puregold and Metrobank fell by over 2 percent, while GT Capital lost 1.76 percent.

BPI, SM Investments and Ayala Corp. all slipped by less than 1 percent.

On the other hand, ICTSI—the day’s most actively traded company—racked up 5.37 percent. This was after reporting a 16-percent year-on-year growth in first quarter revenues to $375.8 million. This resulted in a 51-percent year-on-year increase in net profit to $59,600. —DORIS DUMLAO-ABADILLA