Globe, disappointing investors, yanks down PSEi
The benchmark Philippine Stock Exchange Index (PSEi) tumbled on Thursday after a selloff at Globe Telecom and government data showing that more Filipinos were unemployed in December.
The PSEi closed the session down 0.93 percent, or 69.86 points, to 7,432.62 while the broader all-shares index was down 0.68 percent, or 26.84 points, to 3,924.74.
The index was dragged lower after Globe shares plummeted over 7 percent after 2021 earnings came in below analysts’ expectations.
The telco giant saw its share price double last year mainly on the lofty $2-billion valuation achieved by its financial technology unit, GCash, a venture with Chinese billionaire Jack Ma’s Ant Financial.
Also on Friday, the Philippine Statistics Authority reported the unemployment rate in December 2021 ticked higher to 6.6 percent, equivalent to 3.27 million Filipinos. This was an increase from 6.5 percent the previous month.
PSE subsectors were mostly lower, while property and mining and oil gained 0.75 percent and 2.38 percent, respectively.
Article continues after this advertisementHolding firms fell 1.82 percent, followed by services, down 1.70 percent, industrial, down 0.61 percent and financials, down 0.03 percent.
Article continues after this advertisementTrading volume was above average at 1.3 billion shares valued at P10.48 billion, while foreigners were net buyers to the tune of P407.82 million.
Overall, there were 101 losers against 97 advancers, while 55 companies closed unchanged.
Globe Telecom, down 7.06 percent to P2,818, was the most heavily traded company during the session.
It was followed by Monde Nissin Corp., down 0.37 percent to P16.20; Bank of the Philippine Islands, down 0.10 percent to P101; Ayala Land Inc., up 0.40 percent to P38; and BDO Unibank Inc., unchanged at P138 per share.
Other active names were Emperador Inc., up 3.23 percent to P24; AC Energy Corp., down 3.39 percent to P8.84; Solar Philippines Nueva Ecija Corp., down 3.35 percent to P2.02; SM Investments Corp., down 2.34 percent to P940; and SM Prime Holdings Inc., up 1.24 percent to P36.70 per share.
