Shares remain on edge, snub bright ADB outlook
The benchmark Philippine Stock Exchange index (PSEi) dipped on Thursday despite the Asian Development Bank (ADB) upgrading its domestic growth target for the year.
The PSEi shed 0.3 percent, or 18.63 points, to 6,256.17 while the broader All Shares index added 0.01 percent, or 0.33 points, to 3,381.86.
The measure has been consolidating between 6,200 and 6,300 as unease over mounting inflationary pressures continued.
6.5% expansion
Selling persisted despite the ADB’s latest projection that the Philippine economy will expand by 6.5 percent this year—faster than its earlier 6-percent growth target.
ADB said the country would grow by another 6.3 percent in 2023.
Trading volume moved higher, with 807.1 million shares valued at P6.1 billion changing hands. Foreigners, however, remained net sellers to the tune of P92.8 million, PSE data showed.
Article continues after this advertisementThe Ayala Group’s Bank of the Philippine Islands (BPI) kicked off the second quarter earnings season after announcing first semester profits at P20.4 billion, up 73 percent, due to a property asset sale and better revenues.
Article continues after this advertisementPSE subsectors ended mixed with decliners led by property (-0.73 percent), holding firms (-0.68 percent), industrial (-0.17 percent) and services (-0.12 percent). Mining and oil and financials gained 1.94 percent and 1.26 percent, respectively.
Ayala Land Inc. was the top traded stock, climbing 1.19 percent to P25.50 per share.
It was followed by SM Prime Holdings Inc., down 1.77 percent to P36.10; BPI, unchanged at P89; Emperador Inc., up 0.85 percent to P19.08; and BDO Unibank Inc., up 2.54 percent to P121 per share.
SM Investments Corp. shed 1.78 percent to P774; PLDT Inc., up 0.6 percent to P1,679; International Container Terminal Services Inc., down 0.55 percent to P181; Converge ICT Solutions Inc., down 0.24 percent to P20.80; and Semirara Mining and Power Corp., up 1.23 percent to P41.20 per share.
Overall, there were 107 advancers versus 69 losers while 60 companies closed unchanged, PSE data showed.
