Recession worries weigh down PSEi
The Philippine Stock Exchange Index (PSEi) tilted lower on Friday while holding above the 5,900 level, mirroring weak markets across the region ahead of an anticipated jobs report in the United States.
The benchmark measure ended the session lower by 0.04 percent, or 2.08 points, to 5,932.19 while the broader All Shares index rose 0.03 percent, or 0.80 points, to 3,200.59.
Local shares followed Chinese, Japanese and other regional indices lower due to broader worries the ongoing monetary tightening cycle could trigger a global recession. The US September jobs report could provide hints on the next steps of the Federal Reserve as investors hope for relief from the recent wave of aggressive interest rate hikes to combat surging inflation.
Moreover, local investors weighed a report by the Asean plus 3 Macroeconomic Research Office lowering the Philippine 2022 growth target to 6.5 percent from 6.9 percent last July. PSE data showed trading volume was stable from the previous session as 476.12 million shares valued at P4.15 billion changing hands while foreigners were net buyers amounting to P191.31 million.
Mixed results
Subectors ended with mixed results: industrial, services and holding firms pushed higher while mining and oil, property and financials tumbled. San Miguel Corp. was the top traded stock as it closed flat at P101 per share.
It was followed by International Container Terminal Services Inc., up 0.91 percent to P177.60; Bank of the Philippine Islands, up 1.86 percent to P93; BDO Unibank Inc., down 1.75 percent to P112.40; and GT Capital Holdings Inc., down 3.15 percent to P400 per share.
Universal Robina Corp. was up 0.45 percent to P110.50; Jollibee Foods Corp., down 1.62 percent to P231; SM Prime Holdings Inc., down 0.32 percent to P31.45; Ayala Land Inc., down 1.68 percent to P23.40; and Converge ICT Solutions Inc., up 4.84 percent to P13 per share.
Overall, there were 94 losers against 84 advancers while 44 companies closed unchanged.
