PSEi down in dull trade while new earnings season unfolds

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) slipped during a low volume session on Wednesday as investors await the next round of earnings results for the first quarter of 2023.

By the closing bell, the PSEi sank 0.28 percent, or 18.37 points, to 6,446.35 while the broader All Shares index was down 0.21 percent, or 7.4 points, to 3,464.12.

“Philippine equities were in for a bumpy ride as investors digested the latest round of earnings, both locally and globally,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Wednesday.

A total of 441.33 million shares valued at P3.4 billion changed hands during the session while foreigners were net sellers to the tune of P30.4 million, stock market data showed.

Lifted by BDO Unibank and Bank of the Philippine Islands, the financial subsector rose 0.45 percent, while other indices retreated.

BDO was the top traded stock as it rose 1.25 percent to P129.50 per share.

It was followed by Ayala Land Inc., down 0.95 percent to P26.15; SM Investments Corp., flat at P900; SM Prime Holdings Inc., down 1.2 percent to P33; and Aboitiz Equity Ventures Inc., down 2.61 percent to P50.45.

JG Summit Holdings Inc. was down 0.51 percent to P48.85; Bank of the Philippine Islands, up 0.20 percent to P100.20; PLDT Inc., down 0.70 percent to P1,271; and Premier Island Power REIT Corp., down 1.33 percent to P1.48.