PH shares retreat, track sluggish regional markets

The local stock barometer returned to the doldrums on Wednesday as the delayed US Senate voting on healthcare reforms and a series of global cyberattacks spooked regional markets.

The main-share Philippine Stock Exchange index (PSEi) lost 19.19 points or 0.24 percent to close at 7,857.18, tracking sluggish regional markets.

The delayed vote on the proposed healthcare legislation created jitters on US president Donald Trump’s capability to pursue his reform agenda.

At the local market, the day’s decline was led by the financial, industrial, services and property counters.

On the other hand, the holding firm and mining/oil counters gained.

“Philippine markets fell below Tuesday’s closing along with US stocks’ decline as tech shares declined and oil prices reversed gains,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

Value turnover for the day amounted to P6.64 billion. There were 104 decliners that edged out 88 advancers while 50 stocks were unchanged.

Foreign investors were net sellers for the day, resulting in a net outflow of P198.74 million.

The PSEi was weighed down most by Metrobank, which lost 1.59 percent while Ayala Land, Ayala Corp., SM Prime, BDO, SM Investments, ICTSI, URC, Globe Telecom and Meralco also declined.

Outside of the PSEi, Bloomberry (-0.55 percent) slipped in relatively heavy volume.

Meanwhile, JG Summit bucked the day’s downturn, rising by 1.58 percent.

The industrial conglomerate will start its petrochemical expansion project this year.

Infrastructure holding firm Metro Pacific likewise gained 1.11 percent.

GT Capital and BPI also firmed up.

Meanwhile, investors scouted for buying opportunities outside of the PSEi roster.

SSI Group gained 5.91 percent while Melco Resorts rose by 2.46 percent.

Newly listed Eagle Cement was up by 0.62 percent.