PH stocks slip ahead of long weekend, US Fed report

The local stock barometer slipped on Friday ahead of a long weekend break and the closely awaited speech of US Federal Reserve chair Jerome Powell.

The main-share Philippine Stock Exchange index (PSEi) lost 33.91 points or 0.5 percent to close at 6,786.62. Elsewhere in the region, stock markets were mostly steady ahead of Powell’s speech.

For the week, the main index managed to gain 153.4 points or 2.3 percent as US Fed jitters somewhat eased ahead of Powell’s speech.

Philippine shares closed in the red ahead of the Jackson Hole symposium, where Fed chair Powell was set to speak, said Luis Gerardo Limlingan, managing director at Regina Capital Development. He added that the US’ second quarter gross domestic product growth of 6.6 percent, versus a consensus forecast of 6.7 percent, reflected a somewhat strong consumer spending and US exports.

In the Philippines, the market will be closed on Aug.30 due to a national holiday in observance of National Heroes Day. Some investors chose to lighten their holdings ahead of the long weekend.

The market was dragged down by the mining/oil and property counters, which both fell by over 1 percent.

The holding firm and services counters shed less than 1 percent.

On the other hand, the financial and industrial counters both added less than 1 percent.

Total value turnover for the day amounted to P6.86 billion. There was net foreign selling worth P175.12 million.

There were 100 decliners that outnumbered 84 advancers, while 64 stocks were unchanged.

Globe Telecom—the day’s most actively traded company—lost 3.39 percent to profit-taking after the previous days’ frenzy.

Property giants Ayala Land and SM Prime fell by 2.33 percent and 1.45 percent, respectively.

Meralco lost 1.72 percent, while ICTSI slipped by 1.11 percent.

On the other hand, GT Capital, JG Summit and SM Investments all declined by less than 1 percent. —Doris Dumlao-Abadilla