PSEi flat as investors digest Q2 earnings news

The benchmark Philippine Stock Exchange Index (PSEi) was marginally lower on Monday as investors focused on a fresh batch of second quarter earnings reports.

By the closing bell, the PSEi slipped 0.06 percent, or 3.9 points, to 6,312.03 while the boarder All Shares Index was down 0.17 percent, or 5.9 points, to 3,392.92.

Volume rose as 434.45 million shares valued at P5.2 billion changed hands, while foreigners cut holdings by a net amount of P288.4 million.

The financials subsector slid 3.26 percent as BDO Unibank Inc. shed 4.7 percent. BDO said on Monday profits in the first half grew 12 percent to P23.9 billion while its nonperforming loan cover rose to 138 percent.

SM Prime Holdings Inc. rose over 1 percent after reporting that first semester 2022 profits had surged 21 percent to P14.1 billion due to the strong recovery of its shopping mall segment.

Parent conglomerate SM Investments Corp. also added 0.58 percent.

Juanis Barredo, COL chief technical analyst, said on Monday the broader stock market was still in a downtrend, based on technical indicators.

“[T]here is a continuing sense of bearishness into the Philippines that is keeping us relatively depressed,” he said during a press briefing.

Semirara Mining and Power Corp., which is set to join the 30-member PSEi on Aug. 8, was the most actively traded on Monday as it sank 3.25 percent to P40.15 per share.

It was followed by: International Container Terminal Services Inc., down 5.3 percent to P183.90; SM Prime, up 1.09 percent to P37; BDO Unibank Inc., down 4.77 percent to P113.80; and Manila Electric Co., down 3.76 percent to P327.20 per share.

SM Investments added 0.58 percent to P780; Converge ICT Solutions, down 0.42 percent to P18.92; Ayala Land Inc., up 0.79 percent to P25.45; Universal Robina Corp., up 6.04 percent to P117.70; and Ayala Corp., up 3.06 percent to P639 per share.

Overall, there were 92 losers against 85 advancers, while 55 companies closed unchanged.

—Miguel R. Camus INQ