Tepid trading stops PSEi from breaching 6,600 mark

Last-minute bargain hunting lifted the Philippine Stock Exchange index (PSEi), but it failed to return above the 6,600 level on Thursday as potential interest rate hikes dampened market sentiment.

The benchmark PSEi was up 0.07 percent, or 4.63 points, to end at 6,588.28 while the wider All-Shares index slid 0.08 percent, or 2.68 points, to sit at 3,498.04 by the closing bell.

“Philippine shares started September with a lukewarm response as investors weighed on the possible consequences of the [Federal Reserve’s] stern fight against inflation,” Regina Capital Development Corp. head of sales Luis Limlingan said.

“[Market] participation was weak with net market value turnover, registering at P4.8 billion, lower than the year-to-date average of P6.29 billion,” said Claire Alviar, Philstocks Financial, Inc. assistant manager for research and online engagement.

All sectors were in the green except for property and services, which dropped by 2.06 percent and 0.57 percent, respectively.

About 635.98 million shares valued at P5 billion were traded. Decliners led advancers, 96 to 87, while 46 issues were unchanged.

International Terminal Container Services Inc. was the most actively traded, rising by 0.94 percent to P182.90 per share.

This was followed by SM Prime Holdings, down 3.70 percent to P36.45; Ayala Land Inc., flat at P28.65; Bank of the Philippine Islands, up 1.26 percent to P96.15; BDO Unibank Inc., up 1.32 percent to P130.50; and Monde Nissin Corp., down 0.12 percent to P16.48.

Other active names were Universal Robina Corp., up 0.82 percent to P123; SM Investments Corp., up 1.08 percent to P840; ACEN Corp., up 0.27 percent to P7.52; and Ayala Corp., up 4.42 percent to P733.