Stocks retreat anew as investors lock in previous gains
The benchmark Philippine Stock Exchange Index (PSEi) saw a pullback on Wednesday as investors banked profits from recent high-flying bets.
By the closing bell, the PSEi sank 0.55 percent, or 38.90 points, to 7.068.92 while the broader all-shares index was down 0.38 percent, or 16.81 points, to 4,403.26.
Investors booked profits at large companies such as Converge ICT Solutions, AC Energy Corp. and Monde Nissin Corp., among the best-performing companies in 2021.
Elsewhere in the region, stocks ended mixed with the threat of inflation on economic recovery remaining a key theme.
Luis Gerardo Limlingan, managing director at Regina Capital Development, said on Wednesday stocks dropped ahead of the release of US consumer price index data and third quarter earnings.
Low job openings in US
“Analysts will also get some clues about the [Federal Reserve’s] monetary policy plans from digesting the soon-to-be-published [Federal Open Market Committee] minutes when released later,” he added.
Article continues after this advertisement“Yesterday’s lower-than-expected August job openings [in the United States] also dragged the market to close lower,” Limlingan said.
Article continues after this advertisementSubsectors were a mixed bag on Wednesday. Industrials was the top loser as it shed 1.8 percent, followed by holding firms, down 0.94 percent, and services, down 0.76 percent.
Winners were mining and oil, up 2.55 percent, financials, up 1.29 percent, and property, up 0.56 percent.
Foreigners were net sellers at P219.7 million as 1.33 billion shares valued at P11.93 billion changed hands on Wednesday.
Total decliners numbered 111 versus 89 gainers, while 48 companies closed unchanged.
Converge ICT Solutions Inc. was the most actively traded on Monday as it sank 8.15 percent to P32.10 per share.
It was followed by AC Energy Corp., down 6.19 percent to P12.12; Monde Nissin, down 3.95 percent to P17; BDO Unibank Inc., up 2.44 percent to P130.30; and International Container Terminal Services Inc., down 2.3 percent to P174.50 per share.
Other actively traded stocks were Semirara Mining and Power Corp., up 8.93 percent to P30.50; DMCI Holdings Inc., up 2.94 percent to P9.10; Aboitiz Power Corp., down 2.28 percent to P30; Bank of the Philippine Islands, up 0.06 percent to P84.75; and SM Prime Holdings, up 1.27 percent to P35.80 per share.
