Wall Street jitters pull down PSEi
Philippine stocks were mostly lower on Friday as risk aversion grew after a sell-off in Wall Street overnight and investors digested government data showing a decline in direct investments.
The benchmark Philippine Stock Exchange index (PSEi) shed 0.29 percent, or 19.39 points, to 6,589.88 while the broader All Shares index was down 0.25 percent, or 8.80 points, to 3,540.39.
The Bangko Sentral ng Pilipinas released data showing foreign direct investments shrinking by 23 percent to $9.2 billion last year.
US stocks were also battered by banking woes following the closure of Silvergate Bank.
The PSE financials subsector was under pressure as it slipped 1.25 percent.
“Philippine shares closed slightly in the red, weighed by financial stocks as investors grew increasingly concerned that higher interest rates would result in banks facing losses on loans due to borrower defaults,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Friday.
Industrial and holding companies also tumbled while services, property and mining and oil rose.
A total of 798.7 million shares valued at P8.77 billion changed hands while foreigners continued to sell stocks by a net amount of P142.67 million.
Aboitiz Equity Ventures Inc. was the top traded stock as it slid 2.24 percent to P50.30 per share.
SM Prime Holdings Inc. was up 2.15 percent to P35.70 while Globe Telecom was up 1.11 percent to P1,820.
Overall, there were 119 losers against 57 advancers while 45 companies closed unchanged, stock market data showed. INQ
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.