Christmas spirit fails to lift PH stocks
Investors pocketed profits from the previous session ahead of the Christmas festivities this weekend.
In a low-volume session on Friday, the benchmark Philippine Stock Exchange Index (PSEi) dropped 0.91 percent, or 66.19 points, to 7,181.86 while the broader all-shares index shed 0.42 percent, or 16.19 points, to 3,822.26.
Trading hours were cut on Friday due to the Christmas Eve celebrations later in the day.
Astro del Castillo, managing director of First Grade Finance Inc., said the market’s movement was consistent with the consensus sideways view that would likely persist into next week.
“Most investors are in holiday mode,” Del Castillo said, adding that he expected an upward bias in the market’s direction for the following week.
“Santa Claus is cautious so we expect to see smaller gifts,” he added.
Del Castillo also noted there were signs of holiday spending and the ramping up of political campaigning in the run up to the 2022 polls. He said these narratives could temporarily displace concerns over the Omicron coronavirus variant, which continues to spread around the globe.
PSE subsections were mostly lower on Friday save for mining and oil, which gained 0.7 percent.
Top losers were holding firms and property, which sank 1.2 percent and 1.03 percent, respectively. Services and financials lost 0.65 percent and 0.63 percent while industrial stocks shed 0.22 percent.
Data from the PSE showed 3.28 billion shares valued at P2.1 billion changing hands. Advancers outmatched decliners, 84 to 81, while 39 companies closed unchanged.
Converge ICT Solutions Inc. was the most actively traded on Friday as it added 0.3 percent to P33 per share.
It was followed by AC Energy Corp., up 1.44 percent to P11.26; Solar Philippines Nueva Ecjia Corp., up 1.77 percent to P1.15; Century Pacific Food Inc., up 1.89 percent to P26.90; and Ayala Corp., down 0.68 percent to P871 per share.
Rounding out the list of active stocks were SM Prime Holdings Inc., down 2.26 percent to P34.55; BDO Unibank Inc., down 0.65 percent to P123; PLDT Inc., down 0.6 percent to P1,836; Monde Nissin Corp., down 0.75 percent to P15.86; and International Container Terminal Services, down 1.97 percent to P193.60 per share.
