PH shares dip following retreat of inflation-weary Wall Street

Philippine shares sank lower on Wednesday amid mixed sentiments in the region and a pullback in Wall Street overnight.

By the closing bell, the benchmark Philippine Stock Exchange (PSE) index dropped 0.92 percent, or 62.47 points, to 6,712.21 while the broader all-shares index shed 0.47 percent, or 17.13 points, to 3,589.78.

Local investors turned their attention to overseas developments given the lack of domestic catalysts.

“Philippine shares closed the session in the red, underscoring fears that high inflation is weighing on economic growth,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Wednesday.

The PSE also suspended trading of Tiu-led TKC Metals Corp. beginning June 1 after it failed to submit the required financial disclosures during an extended deadline.

The PSE had originally warned 11 companies to fully or partially comply with the submission of critical annual and quarterly reports or face a trading suspension.

In a separate notice, the PSE warned Century Peak Holdings Corp., Manila Jockey Club and Vantage Equities to submit their remaining quarterly reports or face suspension beginning June 3.

Thin trading volume

Meanwhile, volume on Wednesday was relatively thin with 659.3 million shares valued at P5.98 billion changing hands as foreigners were net sellers to the tune of P552.87 million.

A total of 108 companies declined versus 76 advancers, while 46 closed unchanged.

SM Prime Holdings Inc. was the most actively traded during the session as it gained 0.41 percent to P37.05 per share.

It was followed by Semirara Mining and Power Corp., up 6.82 percent to P35.25; Globe Telecom Inc., down 0.99 percent to P2,404; Converge ICT Solutions Inc., down 1.7 percent to P26.05; and Monde Nissin Corp., down 3.11 percent to P14.34 per share.

Other heavy movers were Ayala Corp., down 0.17 percent to P29.55; Ayala Land Inc., down 0.17 percent to P29.55; International Container Terminal Services Inc., down 3.13 percent to P210.20; DMCI Holdings Inc., down 0.11 percent to P8.99; and BDO Unibank Inc., down 1.12 percent to P131.90 per share.