PSEi loses 6,200 footing as world monitors state of economy
MANILA -The benchmark Philippine Stock Exchange index (PSEi) dropped for a fourth straight session on Wednesday to close below 6,200 amid persistent worries over the health of the domestic and global economy.
The PSEi has slumped 3.6 percent over the past four sessions. On Wednesday, it shed another 0.53 percent, or 32.76 points, to 6,179.63 while the broader All Shares index was down 0.40 percent, or 13.32 points, to 3,339.63.
A new report by United Kingdom-based Pantheon Macroeconomics said the Philippine economy might slow further during the second quarter of 2023 after calling the second quarter gross domestic product expansion of 4.3 percent an “utter disaster.”
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Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said investors also remained risk-averse as they closely follow external developments.
“Philippine shares ended the session below 6,200 as the mixed retail news dampened investors’ sentiment. Later, investors await the release of new home sales and purchasing data [in the US],” he said.
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Article continues after this advertisementA total of 347.5 million shares valued at P3.62 billion changed hands on Wednesday while foreigners were net sellers of an amount worth P508.6 million.
PSE subsectors were mixed as industrial, mining and oil and holding firms registered gains while financials, property and services retreated.
Bank of the Philippine Islands was the top traded stock as it slid 4.16 percent to P108.20 per share.
It was followed by International Container Terminal Services Inc., down 0.39 percent to P205; BDO Unibank Inc., down 0.72 percent to P138; SM Prime Holdings Inc., down 1.63 percent to P30.10; and SM Investments Corp., down 0.06 percent to P829 per share.
Universal Robina Corp. was flat at P113.40; GT Capital Holdings Inc., up 1.38 percent to P549.50; Metro Pacific Investments Corp., up 0.79 percent to P5.09; Ayala Land Inc., down 0.18 percent to P28.25; and Jollibee Foods Corp., up 0.84 percent to P241 per share.
Overall, there were 107 losers against 64 advancers while 46 companies closed unchanged.
