Property firms, banks sink PSEi to lowest level yet in 2023

MANILA  -The benchmark Philippine Stock Exchange index (PSEi) tumbled to its lowest level for the year on Friday as investors sold down large property firms and banks before the long weekend.

By the closing bell, the PSEi sank 1.05 percent, or 65.17 points, 6,160.61 while the broader All Shares index lost 0.75 percent, or 25.17 points, to 3,332.40.

The index was dragged lower by the declines of SM Prime Holdings, Ayala Land Inc. and Bank of the Philippine Islands.

Trading activity, however, remained subdued as 340.8 million shares valued at P3.57 billion changed hands. Foreigners were net sellers of an amount worth P657.8 million, data from the stock exchange showed.

The stock market will be closed for the National Heroes’ Day holiday on Aug. 28.

All PSE subsectors closed lower on Friday. Financials (-1.56 percent) and property (-1.49 percent) were the biggest underperformers.

SM Prime Holdings Inc., the most actively traded company on Friday, was down 2.47 percent to P29.60 per share.

It was followed by Bank of the Philippine Islands, down 2.87 percent to P105.10; BDO Unibank Inc., down 1.61 percent to P140.50; Ayala Land Inc., down 0.53 percent to P28.10; and International Container Terminal Services Inc., down 0.1 percent to P204.80 per share.

Ayala Corp. was up 0.50 percent to P598; SM Investments Corp., down 1.20 percent to P825; PLDT Inc., down 1.64 percent to P1,200; Universal Robina Corp., flat at P115; and Metro Pacific Investments Corp., flat at P5.10 per share.

Overall, there were 101 losers against 66 advancers while 43 companies closed unchanged, data from the stock exchange showed.