PSEi cools down to gauge Fed, Ukraine developments
The benchmark Philippine Stock Exchange Index (PSEi) tilted lower on Thursday as bulls took a breather after the previous session’s rally while overseas markets turned more volatile.
By the closing bell, the PSEi shed 0.19 percent, or 13.89 points, to 7,438.93 while the broader all-shares index ended higher by 0.10 percent, or 3.77 points, to 3,934.31.
“Philippine shares ended mixed on a volatile trading session as investors digested the latest update from the Fed and developments on the Ukraine-Russia standoff,” Regina Capital Development managing director Luis Gerardo Limlingan said in a note to investors.
Limlingan also cited the latest US Federal Open Market Committee minutes indicating that some participants had pushed back against rapid monetary tightening to combat surging inflation.
Philippine Stock Exchange (PSE) subsectors ended mixed, with services, industrial and mining and oil gaining while property, holding firms and financial dropped.
Volume was lower with 911.04 million shares valued at P6.81 billion changing hands.
Article continues after this advertisementForeigners remained on buying mode, purchasing a net figure of P279.27 million.
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PSE data also showed 107 advancers against 77 losers, while 56 companies closed unchanged.
SM Prime Holdings Inc. was the most actively traded company on Thursday as it slipped 1.3 percent to P38 per share.
It was followed by Converge ICT Solutions Inc., up 3.45 percent to P28.50; Emperador Inc., up 0.50 percent to P20; SM Investments Corp., down 1.07 percent to P927; and AC Energy Corp., up 2.27 percent to P9 per share.
Other active stocks were BDO Unibank Inc., down 0.74 percent to P135; Security Bank Corp., up 1.29 percent to P117.50; Bank of the Philippine Islands, flat at P100; Ayala Land Inc., down 0.51 percent to P38.70; and Bloomberry Resorts Corp., up 5.19 percent to P6.89 per share.
