Philippine stocks sank on Thursday as foreign investors booked profits ahead of the US Thanksgiving holiday while global markets weighed the impact of the Federal Reserve easing the pace of equity-supporting asset purchases.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) dropped 0.67 percent, or 49.83 points, to 7,369.27 while the broader all-shares index was down 0.57 percent, or 22.27 points, to 3,813.27.
Inflation worries
“Philippine shares succumbed to profit taking ahead of the US holiday and after the release of the recently published Fed minutes which showed that central bankers were open to speed up the tapering amid inflation worries,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors.
Ahead of Thanksgiving, foreigners turned into net sellers to the tune of P542.81 million while subsectors saw a mixed close.
Gains
Mining and oil and industrials gained 0.6 percent and 0.11 percent, respectively, while holding firms dropped the most at 1.12 percent, followed by financials, down 0.75 percent, services, down 0.48 percent, and property, down 0.39 percent.
A total of 1.31 billion shares valued at almost P8 billion changed hands on Thursday. Data from the Philippine Stock Exchange also showed 126 decliners against 62 gainers while 51 companies closed unchanged.
Monde Nissin Corp. was the most actively traded for the session as it shed 0.78 percent to P17.88 per share.
It was followed by Converge ICT Solutions Inc., down 3.65 percent to P30.35; AC Energy Corp., up 0.51 percent to P11.90; Ayala Corp., down 1.06 percent to P884; and SM Prime Holdings Inc., down 1.2 percent to P37.05 per share.
Other actively traded names were Globe Telecom Inc., down 2.78 percent to P3,500; International Container Terminal Services Inc., up 0.97 percent to P197; BDO Unibank Inc., down 1.29 percent to P130.40; Premiere Horizon Alliance Corp., up 27.42 percent; and Universal Robina Corp., up 1.07 percent to P132.20 per share.