PSEi falters, copying Wall Street mood

MANILA  -The Philippine Stock Exchange index (PSEi) followed US stocks lower during another lackluster session that saw the benchmark measure continue to bleed before the Bangko Sentral ng Pilipinas’ policy meeting today, June 22.

By the closing bell on Wednesday, the PSEi slipped 0.38 percent, or 24.69 points, to 6,424.21 while the broader All Shares index shed 0.37 percent, or 12.73 points, to 3,426.81.

Major Wall Street indices slumped overnight, led by the 0.72-percent drop at the Dow Jones Industrial Average.

“The PSEi at 6,448.90 highlights the market’s vulnerability to sell-offs after it failed to try the 6,600 levels. A sustained fall below the 6,450 levels could signal further losses toward the 6,300 levels,” Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said in a note to investors.

Nearly 600 million shares valued at P5.2 billion changed hands while foreigners were net buyers of an amount totaling P345 million.

The financials and property subsectors climbed while mining and oil, holding firms, industrial and services retreated, data from the stock exchange showed.

Ayala Land Inc. was the top traded stock as it grew 0.65 percent to P23.30 per share.

It was followed by SM Investments Corp., up 0.98 percent to P924; Bank of the Philippine Islands, up 1.90 percent to P107; Metropolitan Bank & Trust Co., down 2.39 percent to P53; and JG Summit Holdings Inc., down 3.18 percent to P45.65 per share.

Jollibee Foods Corp. was flat at P240; SM Prime Holdings Inc., down 0.15 percent to P33.50; Ayala Corp., down 0.81 percent to P615; Monde Nissin Corp., down 3.73 percent to P7.99; and International Container Terminal Services Inc., flat at P200 per share.

Overall, there were 111 losers against 69 advancers while 42 companies closed unchanged.