Property firms pull down PSEi in dull finish to first half of 2023
MANILA -Large property companies weighed down the benchmark Philippine Stock Exchange index (PSEi) on Friday as the first half of 2023 came to a close.
By the closing bell, the PSEi slipped 0.67 percent, or 43.42 points, to 6,468.07 while the broader All Shares index shed 0.37 percent, or 12.93 points.
Index heavyweights SM Prime Holdings Inc. and Ayala Land Inc. slumped on Friday even as the Bangko Sentral ng Pilipinas (BSP) said inflation in June may have cooled from the previous month’s 6.1 percent.
Most financial market experts, however, do not expect the BSP to cut interest rates anytime soon.
The property subsector pulled back 2.34 percent, followed by financials (-0.77 percent) and holding firms (-0.24 percent). Services rose 0.55 percent, followed by industrial and mining and oil, up 0.18 percent and 0.08 percent, respectively.
A total of 783.99 million shares valued at P4.73 billion changed hands on Friday while foreigners were net sellers of an amount worth P271.8 million, data from the stock exchange showed.
SM Prime Holdings Inc. was the top traded stock as it lost 2.81 percent to P32.85 per share.
Ayala Land Inc. was down 3.19 percent to P24.30; SM Investments Corp., up 0.98 percent to P925; BDO Unibank Inc., down 0.86 percent to P137.70; and JG Summit Holdings, down 4.41 percent to P44.45.
Bank of the Philippine Islands was down 1.09 percent to P108.80; Jollibee Foods Corp., up 0.25 percent to P239.20; Figaro Coffee Group Inc., down 4.05 percent to P0.71; Ayala Corp., down 2.34 percent to P625; and GT Capital Holdings Inc., up 1.18 percent to P515.
Overall, there were 95 losers against 83 advancers while 42 companies closed unchanged.
