PH shares fall anew as investors chew over Marcos win, economy
The benchmark Philippine Stock Exchange Index (PSEi) extended losses on Wednesday ahead of the latest inflation reading from the US and Philippine growth data as investors weighed partial presidential election results showing Ferdinand Marcos Jr. with a commanding lead.
By the closing bell, the PSEi fell 1.27 percent, or 85.07 points, to 6,635.86 while the broader all-shares index sank 0.74 percent, or 26.65 points, to 3,557.97.
“Philippine shares slipped ahead of [first quarter gross domestic product results] tomorrow and the US [consumer price index] reading scheduled tonight,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors.
PSE subsectors ended mixed, with mining and oil and services advancing while holding firms, property, industrial and financial underperforming.
Trading volume was significantly lower from the previous day with 1.9 billion shares valued at P6.64 billion changing hands.
There were a total of 103 losers against 97 gainers while 48 companies closed unchanged, PSE data showed.
SM Investments Corp. was the most actively traded on Wednesday as it tumbled 2.37 percent to P825 per share.
It was followed by Ayala Land Inc., down 2.86 percent to P30.60; SM Prime Holdings Inc., down 0.72 percent to P34.25; BDO Unibank Inc., flat at P129; and International Container Terminal Services Inc., down 0.82 percent to P218 per share.
Other heavy movers were PLDT Inc., up 2 percent to P1,885; AC Energy Corp., down 3.89 percent to P6.92; Ayala Corp., down 4.86 percent to P704; Converge ICT Solutions Inc., down 1.09 percent to P27.30; and Bloomberry Resorts Corp., up 6.3 percent to P6.58 per share.
