PH shares spooked by China COVID woes
The benchmark Philippine Stock Exchange index (PSEi) consolidated above the 6,400 level as regional indices were mixed amid concerns on the revival of pandemic restrictions in China.
By the closing bell on Tuesday, the PSEi added 0.41 percent, or 26.41 points, to 6,429.65 while the broader All Shares Index rose 0.12 percent, or 4.19 points, to 3,390.15.
“Philippine shares resumed their buying with volumes continuing to pick up, and with investors seeking refuge against China reinstating pandemic restrictions,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Tuesday.
“China saw its first deaths in the mainland from COVID since May over the weekend. It prompted fears among investors that the country could bring back restrictions meant to slow virus spread, which would hurt business,” he added.
Trading volume dipped as 525.9 million shares valued at P5.39 billion changed hands while foreigners were net buyers amounting to about P289 million, data from the stock exchanged showed.
PSE subsectors were mixed with financials, property and holding firms moving higher. On the other hand, mining and oil, services and industrial stocks tumbled.
Still bearish
Jonathan Ravelas, a veteran stock market analyst and financial strategy consultant at e-Methods for Business Management Corp., said bears remained in control unless the PSEi could see a breakout past 6,850.
Jollibee Foods Corp. was the top traded stock as it gained 1.59 percent to P256 per share.
It was followed by Ayala Land Inc., down 3.56 percent to P27.10 per share; International Container Terminal Services Inc., down 2.11 percent to P186; BDO Unibank Inc., up 0.78 percent to P130; and Manila Electric Co., down 4.09 percent to P290.60.
AbaCore Capital Holdings Inc. was down 18.49 percent to P2.38; SM Prime Holdings Inc., up 3.55 percent to P35; SM Investments Corp., up 3.95 percent to P869; Metropolitan Bank & Trust, up 2.51 percent to P53; and Ayala Corp., down 2.09 percent to P656 per share.
Overall, there were 117 losers against 78 advancers while 41 companies closed unchanged.
