PSEi continues retreat

PSEi continues retreat

/ 02:08 AM March 08, 2024

MANILA The Philippine benchmark index (PSEi) retreated for a third consecutive session as investors digested a steady stream of corporate earnings releases and the recent inflation uptick in February.

By the closing bell on Thursday, the PSEi shed 0.60 percent, or 41.20 points, to 6,837.34 while the broader All Shares index slipped 0.55 percent, or 19.70 points, to 3,567.89.

A total of 652.03 million shares valued at nearly P5 billion changed hands while foreigners made net purchases of P4.65 million, data from the stock exchange showed.


Recent earnings reports include that of San Miguel Food and Beverage Inc., which saw 2023 profits rise to a record P38.1 billion.


High rates

Bank of the Philippine Islands (BPI) said the February inflation print of 3.4 percent suggested that elevated interest rates might stay unchanged over the next few months.

READ: Still-costly rice raised Feb inflation to 3.4%

“Rate cuts are possible in the second half of the year once inflation is firmly within the target of the [Bangko Sentral ng Pilipinas]. However, the timing of future rate cuts and their magnitude also depend on what the Federal Reserve will do,” BPI said.

Meanwhile, BDO Unibank Inc. was the top-traded stock as it rose 0.33 percent to P153 per share.

READ: Asian shares broadly higher; BOJ chatter lifts yen, dents Nikkei

It was followed by BPI, down 0.76 percent to P117; SM Prime Holdings Inc., down 3.92 percent to P31.90; International Container Terminal Services Inc., up 2.74 percent to P300; and Ayala Land Inc., down 1.50 percent to P32.80 per share.


Universal Robina Corp. was down 0.79 percent to P112.40; SM Investments Corp., up 0.79 percent to P960.50; Metropolitan Bank & Trust Co., down 4.78 percent to P59.70; Ayala Corp., down 1.24 percent to P675; and GT Capital Holdings Inc., down 2.81 percent to P675.50 per share.

Overall, there were 109 losers against 64 advancers while 44 companies closed unchanged, data from the stock exchange showed.

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TAGS: Inflation, PSEi, Stock Market

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