Rosy corporate numbers fail to tame PH investors’ jitters

Local investors took money off the table before the release of critical economic data in the Philippines and the US, pushing stocks lower on Wednesday despite more companies reporting robust earnings in the third quarter of the year.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) sank 0.75 percent, or 47.42 points, to 6,241.68 while the broader All Shares index slipped 0.45 percent, or 15.01 points, to 3,292.74. A total of 427.7 million shares valued at P5.56 billion changed hands while foreigners were net buyers to the tune of P509.31 million.

Stocks retreated ahead of the release of local gross domestic product and US inflation data on Nov. 10.

Sentiments were pessimistic even as companies like SM Investments Corp., Metro Pacific Investments Corp. and Jollibee Foods Corp. reported an uptick in earnings, providing evidence that corporations were successfully weathering the volatility caused by inflation and US dollar fluctuations.

PSE subsectors were mixed on Wednesday as mining and oil, property, services and financials slid while industrial and holding firms rose.

BDO Unibank Inc. was the top traded stock as it declined 1.12 percent to P132 per share. It was followed by Semirara Mining and Power Corp., down 6.35 percent to P29.50; Bank of the Philippine Islands, down 0.21 percent to P94.80; SM Investments, down 0.24 percent to P831; and PLDT Inc., down 4.52 percent to P1,520 per share.

Overall, there were 95 losers against 84 advancers while 39 companies closed unchanged, data from the stock exchange showed. —Miguel R. Camus INQ