PH shares tiptoe into frenzied first week of final quarter
MANILA -The benchmark Philippine Stock Exchange index (PSEi) saw a modest pullback on Monday as the final quarter of 2023 commenced during a busy week for economic data announcements, including the release of new inflation data this coming Oct. 5.
By the closing bell, the PSEi slipped 0.26 percent, or 16.71 points, to 6,304.53 while the broader All Shares index was down 0.05 percent, or 1.71 points, to 3,399.12.
“Philippine shares were traded quietly to start the last quarter of the year, as the country gears up for a fresh batch of data,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Monday.
Apart from the scheduled Philippine inflation announcement, he said investors were closely monitoring US economic data on manufacturing, payrolls and trade.
A total of 591.4 million shares valued at P3.86 billion changed hands while foreigners were net sellers of an amount worth P402.01 million, data from the stock exchange showed.
PSE subsectors were mixed after property, financials, mining and oil and holding firms slumped while industrial and services pushed higher.
SM Investments Corp. was the top traded stock as it sank 0.30 percent to P841 per share.
It was followed by Union Bank of the Philippines, down 4.19 percent to P61.80; Bloomberry Resorts Corp., down 2.48 percent to P9.85; Jollibee Foods Corp., down 0.70 percent to P227.80; and Ayala Land Inc., up 0.17 percent to P29.50 per share.
Nickel Asia Corp. was down 4.41 percent to P5.85; BDO Unibank Inc., down 0.35 percent to P141.40; Universal Robina Corp., up 0.93 percent to P120; SM Prime Holdings Inc., down 1.49 percent to P29.85; and Metropolitan Bank & Trust Co., down 0.56 percent to P53.70 per share.
Overall, there were 92 advancers against 75 losers while 63 companies closed unchanged, data from the stock exchange also showed.
