Investors stay on sidelines as PH assesses earthquake impact
Philippine shares inched higher during an uneventful session on Wednesday while investors waited for a full assessment of the damage caused by a powerful quake in northern Luzon.
By the closing bell, the benchmark Philippine Stock Exchange (PSE) index rose 0.22 percent, or 13.76 points, to 6,236.76 while the broader All Shares index added 0.17 percent, or 5.59 points, to 3,370.58.
A total of 325.86 million shares valued at P3.83 billion changed hands while foreigners were net sellers to the tune of P136.7 million.
The market was rocked on Wednesday morning by news that a magnitude 7 earthquake struck Abra, triggering a landslide in Mountain Province and tremors that were felt all the way to Metro Manila. Reports as of Wednesday afternoon said at least four people had died.
The property subindex closed lower while financials, services, mining and oil, holding firms and industrials gained ground.
Gokongwei-led Universal Robina Corp. (URC) was the top traded company as it shed 3.42 percent to P110 per share.
The Philippine Star named URC-La Carlota among the suppliers that have not been paid by Dennis Uy-led Phoenix Petroleum Philippines Inc. This comes amid recent scrutiny on the Davao-based tycoon’s debts.
Phoenix told the stock exchange on Wednesday it has substantially settled some of its obligations to suppliers (see related story on this page).
Other actively traded stocks were Bank of the Philippine Islands, up 0.58 percent to P87; Semirara Mining and Power Corp., up 1.99 percent to P41; BDO Unibank Inc., up 2.63 percent to P117; and SM Prime Holdings Inc., down 1.9 percent to P36.15 per share.
International Container Terminal Services Inc., up 0.43 percent to P185; Globe Telecom, down 1.32 percent to P2,100; PLDT Inc., up 1.92 percent to P1,649; SM Investments Corp., down 1.27 percent to P780; and DMCI Holdings Inc., up 0.73 percent to P9.62 per share.
Overall, there were 100 losers against 75 advancers while 41 companies closed unchanged, data from the PSE showed.
