PSEi pulls back on profit-taking
The benchmark Philippine Stock Exchange Index (PSEi) saw a pullback on Friday as investors booked profits ahead of the weekend and the release of key inflation data in the United States. The PSEi ended on Friday down 0.59 percent, or 42.75 points, to 7,192.17 while the broader all-shares index shed 0.32 percent, or 12.12 points, to 3,830.43.
Friday saw investors remove money from the table after subsiding fears over the Omicron variant pushed up share prices over the week, cutting the PSEi’s gains to 1.94 percent.
Selling was tempered, however, by strong buying from foreigners, who purchased a net amount of P9.57 billion yesterday. There was added caution ahead of the release of US inflation data, with a higher than expected reading seen to prompt the powerful US Federal Reserve to rollback stimulus measures earlier than anticipated.
On Thursday, China Evergrande Group was declared in default by Fitch Ratings, although the news was anticipated and investors expected a sprawling restructuring at the real estate giant.
PSE indices all ended lower with financials declining the most at 1.35 percent.
It was followed by property, down 0.97 percent; industrials, down 0.34 percent; and holding firms, down 0.14 percent. Mining and oil and services each lost 0.18 percent and 0.05 percent, respectively.
Meanwhile, PSE data showed 3.57 billion shares valued at P15.52 billion changing hands on Friday. There were 103 decliners against 99 gainers while 43 companies closed unchanged.
BDO Unibank Inc. was the most actively traded as it lost 1.12 percent to P123.50 per share.
It was followed by Monde Nissin Corp., up 0.25 percent to P16; Ayala Corp., down 0.8 percent to P869; Wilcon Depot Inc., up 3.45 percent to P33; and Converge ICT Solutions Inc., up 2.17 percent to P32.90 per share.
Other heavily traded names were AC Energy Corp., up 1.7 percent to P10.74; Universal Robina Corp., unchanged at P129.50; Ayalaland Logistics Holdings Corp. up 6.6 percent to P6.30; Synergy Grid & Development Philippines Inc., down 3.47 percent to P13.90; and Aboitiz Equity Ventures Inc., down 4.51 percent to P57.90 per share.
