PSEi loses 7,000 foothold as gov’t rejects ‘economic emergency’ call
The benchmark Philippine Stock Exchange index (PSEi) ended marginally higher on Wednesday but failed to reclaim the 7,000 level after it became clear there would be limited government intervention to shield consumers and businesses from the surging price of oil.
The PSEi rose 0.17 percent, or 12.15 points, to 6.989.88. It went up by as much as 1.7 percent earlier in the session.
The broader all-shares index shed 0.19 percent, or 71.17 points, to 3,732.35.
Subsectors were mixed, with mining stocks plunging after investors booked profits from a multiday rally.
Global Ferronickel Holdings Inc. and Nickel Asia Corp. fell 9.22 percent and 9.98 percent, respectively, while Semirara Mining and Power Corp. tumbled 4.75 percent on Wednesday.
Beyond control
With the prolonged Russia-Ukraine conflict pushing up the prices of oil and other commodities, Energy Secretary Alfonso Cusi said there was no need to declare an economic emergency since the situation was beyond the government’s control.
Meanwhile, Metro Pacific Investments Corp. sank 0.81 percent after reporting that full-year 2021 core earnings jumped 20 percent to P12.3 billion.
MerryMart Consumer Corp. rose 6 percent after announcing an agreement to acquire control of Cecile’s Pharmacy in Zamboanga.
Converge ICT Solutions, which moved up to the mid-cap board in the London-based FTSE Global Equity Index Series, was down 3.81 percent.
“We would like to thank our investors for their trust and for propelling our stock performance as we continue to grow,” Converge president and co-founder Maria Grace Y. Uy said in a statement.
A total of 16.8 billion shares valued at P10.73 billion changed hands, while foreigners were net sellers to the tune of P681.4 million. There were 102 advancers against 108 losers, while 33 companies closed unchanged.
SM Prime Holdings Inc. was the most actively traded on Wednesday as it lost 1.07 percent to P37 per share.
It was followed by SM Investments Corp., down 2.13 percent to P871; International Container Terminal Services Inc., up 2.74 percent to P225; BDO Unibank Inc., up 1.13 percent to P125.40; and Nickel Asia, down 9.98 percent to P8.57 per share.
