PSEi ends hot streak as US eyes more rate hikes

MANILA  -The benchmark Philippine Stock Exchange Index (PSEi) snapped a six-day winning streak on Friday after US Federal Reserve Chair Jerome Powell said further interest rate hikes were not off the table.

By the closing bell, the PSEi slipped 0.43 percent, or 26.33 points, to 6,161.89, while the broader All Shares index was down 0.38 percent, or 12.52 points, to 3,316.86.

“Philippine shares finally succumbed to profit-taking, after Fed chair Jerome Powell said the central bank is ‘not confident’ it has done enough in the battle against inflation,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Friday.

Value turnover also slumped as 311.9 million shares valued at P2.76 billion changed hands while foreigners were net sellers of an amount worth P62.12 million, data from the stock exchange showed.

BDO Unibank Inc. was the top traded stock as it slipped 0.89 percent to P133.80 per share. Ayala Land Inc. was down 1.86 percent to P28.95; SM Investments Corp., up 0.49 percent to P821; Metropolitan Bank & Trust Co., down 1.60 percent to P52.40; and SM Prime Holdings Inc., down 1.26 percent to P31.40 per share.

Bank of the Philippine Islands was up 0.29 percent to P104.10; Universal Robina Corp., up 0.71 percent to P113; Jollibee Foods Corp., down 0.92 percent to P216.40; Alliance Global Group Inc., down 2.42 percent to P10.50; and Filinvest REIT Corp., down 0.67 percent to P2.97 per share. Overall, there were 102 advancers against 65 losers, while 45 companies closed unchanged, data from the stock exchange also showed.