Shares lackluster ahead of PH, US economic growth reports

MANILA  —Philippine stocks took a breather as investors waited for leads such as the upcoming gross domestic product (GDP) data, which will be released for the United States and the Philippines in the coming days.

By the closing bell, the Philippine Stock Exchange Index slipped 0.1 percent, or 6.46 points, to 6,673.50 while the broader All Shares index was down 0.09 percent, or 3.25 points, to 3,508.19.

“The PSEi concluded trading mixed as investors braced for the US [fourth quarter] GDP,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said on Thursday.

READ: US growth likely slowed in last quarter of 2023

“The world’s largest economy is expected to show growth at a 2-percent seasonally adjusted annualized pace. That will reflect a slowing from the 4.9 percent reading in third quarter 2023. The results could be a key catalyst for stocks as investors try to glean details on the state of the economy heading into the new year,” he added.

Mixed trades

Subsectors were mostly lower, led by mining and oil and services, while industrial and financial stocks rose.

A total of 684.77 million shares valued at P4.88 billion changed hands while foreigners made net purchases of P80.13 million.

BDO Unibank Inc., the most actively traded stock, shed 0.62 percent to P143.90 per share.

It was followed by Bloomberry Resorts Corp., up 5.95 percent to P11.40; Universal Robina Corp., up 2.14 percent to P114.80; International Container Terminal Services Inc., down 2.03 percent to P241; and SM Investments Corp., up 0.44 percent to P904 per share.

Also actively traded were Jollibee Foods Corp., up 0.07 percent to P270.20; Bank of the Philippines Islands, up 1.46 percent to P111.20; Ayala Land Inc., down 1.01 percent to P34.15; GT Capital Holdings Inc., down 0.76 percent to P655; and PLDT Inc., up 0.47 percent to P1,288 per share.

Overall, there were 105 losers against 67 advancers while 51 companies closed unchanged.