PH shares sink again on lack of positive drivers
The benchmark Philippine Stock Exchange Index (PSEi) sank on Tuesday as tepid investors stayed on the sidelines with few news drivers and mixed first quarter results.
By the closing bell, the PSEi was down 0.62 percent, or 38.84 points, to 6,244.74 while the broader all-share index dropped 0.36 percent, or 14.02 points, to 3,847.39.
Local conglomerates and property giants reported mixed financial results during the season while some sectors performed better. Converge ICT Solutions saw profits surge 170 percent given strong growth in its home internet business.
Adding to investors’ woes on Tuesday was a warning by ING Bank of risks on the country’s credit rating due to rising debts amid the COVID-19 pandemic.
Services and mining and oil ended the session with gains while losers were led by the property, financials and industrial subsectors.
A total of 2.6 billion shares valued at P6.19 billion changed hands. There were 139 decliners against 70 gainers while 50 companies closed unchanged.
Article continues after this advertisementDito CME Holdings Corp. was the most actively traded on Tuesday as it sank 5.68 percent to P7.64 per share.
It was followed by Ayala Land Inc., down 2.88 percent to P32; BDO Unibank Inc., down 3.21 percent to P102.50; AC Energy Corp., down 3.52 percent to P6.86 and PLDT Inc., up 1.34 percent to P1,287 a share.
