Conglomerates drag down PSEi despite improved job numbers

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) fell nearly 100 points as large conglomerates and property firms were sold down.

By the closing bell, the PSEi sank 1.47 percent, or 95.23 points, to 6,379.03 while the broader All Shares index shed 0.97 percent, or 33.65 points, to 3,422.28.

The market fell amid declines in conglomerates SM Investments and Ayala Corp. Their property units also closed lower during the session.

This came despite positive data issued on Friday, July 7, that triggered hopes for the economy. According to the Philippine Statistics Authority, the country registered its second lowest unemployment rate in May at 4.3 percent.

All subsectors down

All PSE subsectors closed in the red with holding firms and property both declining 1.93 percent. Financials lost 1.37 percent, followed by industrial (-0.49 percent); services (-0.28 percent); and mining and oil (-0.26 percent).

A total of 444.77 million shares valued at P3.1 billion changed hands as net foreign selling reached P500 million, data from the stock exchange showed.

SM Investments Corp. was the most actively traded stock as it slipped 2.31 percent to P910.50 per share.

It was followed by SM Prime Holdings Inc., down 2.60 percent to P31.90; Ayala Corp., down 1.55 percent to P605; BDO Unibank Inc., down 0.73 percent to P135.90; and Aboitiz Power Corp., down 1.11 percent to P35.60 per share.

International Container Terminal Services Inc. was flat at P198.40; Bank of the Philippine Islands, down 2.67 percent to P105.90; Ayala Land Inc., down 1.84 percent to P24; Metro Pacific Investments Corp., up 0.20 percent to P4.96; and Greenergy Holdings Inc., down 24.44 percent to P0.68 per share.

Overall, there were 122 losers against 61 advancers while 41 companies closed unchanged.