PSEi squanders GDP boost as uncertainty returns
The benchmark Philippine Stock Exchange Index (PSEi) gave up gains from the previous session as the celebrations over the surprise fourth quarter economic growth data quickly dissipated.
By the closing bell on Friday, the PSEi fell 0.30 percent, or 21.55 points, to 7,251.97 while the broader all shares index sank 0.14 percent, or 5.41 points, to 3,856.08.
April Lynn Tan, vice president, corporate strategy officer at COL Financial Group Inc., said investors remained wary due to the “weak US market.”
“Investors are staying cautious because of uncertainty on when the ongoing correction in the US will end,” she told the Inquirer.
Wall Street pulled back from recent highs after the US Federal Reserve said it would raise rates to combat rising inflation.
Triggered by tightening
Tan said there was concern over another “huge selloff” similar to the 2013 taper tantrum that was triggered by the Fed’s monetary tightening.
Losers among PSE subsectors were property (-1.70 percent), services (-1.39 percent), holding firms (-0.96 percent) and mining and oil (-0.18 percent). Financials rose 3.18 percent while industrial stocks added 1.04 percent.
A total of 1.2 billion shares valued at P8.01 billion were traded on the PSE, while foreigners were net buyers to the tune of P688.70 million.
PSE data showed 109 losers versus 76 gainers, while 56 companies closed unchanged.
BDO Unibank Inc. was the largest mover on Friday, gaining 5.51 percent to P134 per share.
It was followed by Bank of the Philippine Islands, up 4.53 percent to P99.30; SM Investments Corp., down 1.26 percent to P939; International Container Terminal Services Inc., down 3.47 percent to P197.50; and Figaro Coffee Group Inc., down 1.16 percent to P0.85 per share.
Other active names were AC Energy Corp., down 0.32 percent to P9.47; Solar Philippines Nueva Ecija Corp., up 1.88 percent to P2.17; Ayala Land Inc., down 1.3 percent to P34.20; Ayala Corp., flat at P852; and Globe Telecom Inc., down 0.61 percent to P3,240 per share.
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