PSEi dips further as ‘odette’-ravaged regions enter state of calamity
Philippine stocks continued to slide on Wednesday after President Duterte declared a state of calamity in areas affected by Typhoon “Odette.”
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) dropped 0.67 percent, or 47.87 points, to 7,119.19 while the broader all-shares index fell 0.22 percent, or 8.45 percent, to 3,797.22.
Investors continued to monitor developments on the destruction caused by Typhoon Odette, and weighed the impact of the storm on fourth quarter growth targets.
Overnight, President Duterte placed Regions 4B (Mimaropa—Mindoro, Marinduque, Romblon, Palawan), 6 (Western Visayas), 7 (Central Visayas), 8 (Eastern Visayas), 10 (Northern Mindanao) and 13 (Caraga) under a state of calamity.
Holding firms drag index
Holding firms dragged the major index lower following declines by SM Investments Corp. and Ayala Corp.
The holding firms subsector dropped 1.81 percent on Wednesday, followed by financials, down 0.25 percent, property, down 0.64 percent, and services, down 0.02 percent.
The industrial subindex rose 1.44 percent followed by mining and oil, up 0.49 percent.
A total of 1.61 billion shares valued at P6 billion changed hands while foreigners added to the downward pressure, with net sales reaching P173.8 million.
Nearly matched
Overall, advancers and gainers were nearly matched at 86 to 83 while 69 companies closed unchanged.
Converge ICT Solutions Inc. was the most actively traded on Wednesday as it gained 1.88 percent to P32.60 per share.
It was followed by SM Prime Holdings Inc., down 0.14 percent to P34.95; Ayala Land Inc., down 1.45 percent to P34; Universal Robina Corp., up 1.72 percent to P130; and BDO Unibank Inc., down 1.13 percent to P122.20 per share.
Other active stocks were SM Investments Corp., down 2.88 percent to P943; Ayala Corp., down 3.18 percent to P853; GT Capital Holdings Inc., down 1.3 percent to P568.50; Jollibee Foods Corp., up 4.89 percent to P219; and Monde Nissin Corp., up 0.38 percent to P15.90 per share.
