SMIC pulls down PSEi after removal from FTSE index
The benchmark Philippine Stock Exchange Index (PSEi) was off to a sluggish start after conglomerate SM Investments Corp.’s (SMIC) sharp fall amid its removal from a closely followed global index on Monday.
By the closing bell, the PSEi was down by 0.63 percent, or 46.54 points, to 7,372.25 while the broader all-shares index shed 0.18 percent, or 7.03 points, to 3,916.66.
SMIC, the holding firm of the Sy family and one of the country’s largest companies, fell over 6.6 percent after it was deleted from the FTSE Global Asia Pacific Index.
FTSE also increased the weighting of other large companies, including AC Energy Corp. and Converge ICT Solutions Inc., both of which ended lower on Monday.
Major indices in the region pared losses on reports that US President Joe Biden agreed to meet Russian President Vladimir Putin in what was characterized as a last ditch effort to avert reported plans by Russia to invade Ukraine.
Mixed results
PSE subsectors ended the session mixed, with holding firms falling 2.38 percent and property jumping 2.14 percent.
Other losers were services and industrial, which slipped 1.07 percent and 0.97 percent. Mining and oil added 1.25 percent while financials went up 0.02 percent.
A total of 1.4 billion shares valued at P9.11 billion changed hands while foreigners were net buyers to the tune of P320.17 million.
Overall, there were 129 losers against 72 advancers, while 46 companies closed unchanged.
SMIC, the most actively traded during the session, fell 6.62 percent to P860 per share.
It was followed by Solar Philippines Nueva Ecija Corp., up 9.27 percent to P1.86; SM Prime Holdings Inc., up 4.45 percent to P39.90; Ayala Land Inc., up 0.13 percent to P38.70; and DITO CME Holdings Corp., up 13.97 percent to P6.61 per share.
Other active names were BDO Unibank Inc., up 0.37 percent to P135; Monde Nissin Corp., down 3.36 percent to P15.52; Globe Telecom, flat at P2,700; Converge ICT Solutions Inc., down 3.24 percent to P26.90; and PLDT Inc., flat at P1,782 per share.
