PSEi loses grip on 6,600 as world focuses on US inflation

MANILA,  Philippines  —The benchmark Philippine Stock Exchange index (PSEi) slipped below 6,600 on Wednesday as investors awaited fresh economic leads from overseas.

The PSEi tumbled 1.09 percent, or 72.41 points, to 6,546.11 while the broader All Shares index was down 0.97 percent, or 34.04 points, to 3,469.64.

“Philippine equities followed the sentiment of US markets, which closed lower as many await the latest inflation print,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Wednesday.

Shares of Ayala Corp. were also sold down after Japan’s Mitsubishi sold the stocks at a discount. The deal involved 8.6 million shares, or 1.4 percent of the conglomerate, Ayala said. A block sale of Ayala shares worth P5.48 billion was executed on the bourse on Wednesday, data from the stock exchange showed.

READ: Asian currencies, stocks subdued; all eyes on US inflation data

Meanwhile, a total of 518.12 million shares valued at P11.57 billion—which includes the Ayala block sale—changed hands. Foreigners remained net buyers for an amount worth P557.4 million.

PSE subsectors were mostly lower, led by holding firms (-1.84 percent) and services (-1.49 percent).

Ayala was the top traded company as it fell 4.45 percent to P665 per share.

READ: Why is the stock market falling when the economy is growing?

It was followed by BDO Unibank Inc., up 1.12 percent to P135.10; Bank of the Philippine Islands, down 0.19 percent to P104.80; Metropolitan Bank & Trust Co., up 0.18 percent to P55.50, and International Container Terminal Services Inc., down 2.19 percent to P241 per share.

Overall, there were 129 losers against 59 advancers while 37 companies closed unchanged, data from the stock exchange also showed. —Miguel R. Camus