MANILA -The Philippine Stock Exchange index (PSEi) dropped for a second straight session on growing risk aversion due to concerns in the US banking sector.
The PSEi shed 0.81 percent, or 53.15 points, to 6,540.24 while the broader All Shares index slumped 0.41 percent, or 14.53 points, to 3,492.26.
“Philippine shares edged lower following First Republic Bank’s statement that its deposits dropped 40 percent … which reignited concerns about the banking sector [in the US],” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Wednesday.
https://business.inquirer.net/397496/first-republic-bank-deposits-tumble-more-than-100b-as-it-explores-options
“Another factor that caused investors to stay on the sidelines was the detection of the first case of Omicron subvariant XBB1.16 or Arcturus [in the Philippines],” he added.
Data showed 766.97 million shares valued at P5.45 billion changing hands while foreigners were net sellers of an amount totaling P192.87 million.
Mining and oil and services rose during the session while all other subcounters ended in negative territory, led by financials’ 1.42-percent decline.
BDO Unibank Inc. was the top traded stock as it retreated 1.22 percent to P138 per share.
It was followed by SM Investments Corp., down 0.22 percent to P898; Metro Pacific Investments Corp., up 4.41 percent to P4.26; Ayala Land Inc., up 0.19 percent to P26.40; SM Prime Holdings Inc., down 0.30 percent to P33.60; and International Container Terminal Services Inc., up 0.37 percent to P218.80.
Overall, there were 101 losers against 95 advancers while 47 companies closed unchanged.