Philippine shares slump, pulled down by property firms, Monde Nissin

MANILA — The Philippine Stock Exchange index (PSEi) fell below 6,500 on Friday after large property companies declined and food conglomerate Monde Nissin Corp. announced a significant writedown of its meat alternative business.

By the closing bell, the benchmark measure tumbled 2.18 percent, or 145.07 points, to 6,499.68 while the broader All Shares index was down 1.28 percent, or 45.36 points, to 3,493.37.

Index heavyweights Ayala Land Inc. and SM Prime Holdings were sharply lower on Friday while Monde plunged over 11 percent after reporting a P13-billion loss in 2022 mainly from a P20.5-billion noncash impairment loss on meat alternatives.

https://business.inquirer.net/393988/monde-nissin-to-continue-growing-meat-alternatives

A total of 627.1 million shares valued at P6.17 billion changed hands while foreigners were net sellers of an amount totaling P688.42 million, stock market data showed.

Property stocks fell 3.43 percent, followed by holding firms (-3.13 percent), industrial (-1.62 percent), and financials (-0.07 percent). Services and mining and oil rose 0.06 percent and 0.02 percent, respectively.

SM Investments Corp., the most traded stock, ended lower by 1.50 percent to P889 per share.

It was followed by Ayala Land Inc., down 7.02 percent to P26.50; International Container Terminal Services Inc., down 2.11 percent to P213.40; Monde Nissin Corp., down 11.30 percent to P9.81; SM Prime Holdings Inc., down 2.53 percent to P32.80; and PLDT Inc., up 3.20 percent to P1,420.

Overall, there were 107 losers against 73 advancers while 47 companies closed unchanged, stock market data showed.