PSEi plunges to one-year low as investor uncertainties grow

The Philippine Stock Exchange index (PSEi) weakened to a new one-year low on Wednesday as investors continued to sell off their positions amid uncertainties brought about by a slew of factors from inflation to rate hike plans.

The benchmark PSEi fell by 1.86 percent, or 117.19 points, to finish at 6,168 while the broader All Shares index dropped 1.2 percent, or 40.32 points, to close at 3,328.35.

PSEi has plunged by about 18 percent from its recent high of 7,552.20, moving it much closer to the bear market territory at 6,041.76.

Philstocks Financial, Inc. senior research analyst Japhet Louis Tantiangco said investors remained worried over the same issues that have affected appetite in recent months, including “continuous depreciation of the peso, mounting inflationary risks, and how the Bangko Sentral ng Pilipinas’ upcoming policy decision will be in light of the aforementioned concerns.”

“Worries over the US and the global economy amid the Federal Reserve’s aggressive monetary tightening also weighed on sentiment,” he added.

All sectors were in the red, with property and services incurring the biggest losses at 3.57 percent and 1.98 percent, respectively.

About 905.48 million shares valued at P4.27 billion were traded. Decliners outpaced advancers, 115-68, while 48 issues were unchanged.

International Container Terminal Services Inc.’s shares, the most actively traded on Wednesday, declined by 4.31 percent to P186.70 each.

This was followed by SM Prime Holdings, down 3.7 percent to P35.10; Ayala Land Inc., down 4.16 percent to P26.50; Converge ICT Solutions Inc., down 0.10 percent to P19.30; Globe Telecom, flat at P2,100; and Metro Pacific Investments Corp., down 0.55 percent to P3.60.

Other active names were PLDT Inc., down 1.68 percent to P1,760; SM Investments Corp., down 1.42 percent to P763; Emperador Inc., up 3.85 percent to P18.90; and Philweb Corp., down 7.56 percent to P5.50.

—Tyrone Jasper C. Piad