PH shares nosedive as inflation fears mount

The benchmark Philippine Stock Exchange Index (PSEi) plummeted anew on Friday as investors sold down shares on growing worries over surging consumer prices.

The PSEi fell 2.58 percent, or 178.20 points, to 6,731.25 while the broader all-shares index shed 1.97 percent, or 72.34 points, to 3,605.14.

The drop was worsened by a sharp increase in foreign selling, which reached a net figure of nearly P1.7 billion by the closing bell.

Led by large property companies and AC Energy Corp.’s nearly 10-percent plunge, Friday’s session brought the PSEi’s weekly loss to 4.7 percent.

It came as the Bangko Sentral ng Pilipinas indicated April inflation could settle within the 4.2 to 5 percent range. Investors were also positioning ahead of the US Federal Reserve’s decision on interest rates next week.

PSE data showed 840.3 million shares valued at P7.92 billion changing hands.

There were 122 losers against 64 decliners while 46 companies closed unchanged.

SM Investments Corp. was the most actively traded during the session as it lost 0.99 percent to P851.50 per share.

It was followed by Ayala Land Inc., down 4.61 percent to P32.05; SM Prime Holdings Inc., down 3.71 percent to P35; Converge ICT Solutions Inc., up 0.88 percent to P28.80; and International Container Terminal Services Inc., down 2 percent to P215.60 per share.

Other active stocks include BDO Unibank Inc., down 1.96 percent to P130; AC Energy Corp., down 9.75 percent to P7.22; Universal Robina Corp., down 3.03 percent to P102.50; PLDT Inc., down 4.21 percent to P1,866; and Ayala Corp., up 0.75 percent to P737.50 per share.

—Miguel R. Camus