PSEi struggles despite rescue of Credit Suisse
MANILA – The benchmark Philippine Stock Exchange index (PSEi) tilted lower on Monday as banking woes in the United States and Europe depressed sentiments.
By the closing bell, the PSEi slipped 0.29 percent, or 18.70 points, to 6,451.02 while the broader All Shares index was lower by 0.22 percent, or 7.61 points, to 3,456.66.
This comes amid a slew of overseas developments following the announcement that beleaguered Swiss megabank Credit Suisse will be sold to UBS. In the United States, midsize lenders asked federal regulators to insure all deposits to avoid a more widespread banking crisis, Bloomberg reported.
Relief over Credit Suisse rescue short-lived as bank shares plummet
PSE financial stocks were down 1.65 percent mainly as BDO Unibank Inc. declined.
Services, holding firms and industrial stocks were also down while property and mining and oil gained.
A total of 714.8 million shares valued at P5.63 billion changed hands on Monday while foreigners bought a net amount of P89.62 million, stock market data showed.
International Container Terminal Services Inc. was the top traded stock as it slipped 0.05 percent to P197.90 per share.
It was followed by Globe Telecom, up 0.29 percent to P1,745; BDO Unibank Inc., down 4.78 percent to P121.50; SP New Energy Corp., up 4.37 percent to P1.67; and Jollibee Foods Corp., down 0.45 percent to P222 per share.
SM Prime Holdings Inc. was flat at P34; Ayala Land Inc., up 3.05 percent to P27; Aboitiz Equity Ventures Inc., up 5.68 percent to P53.95; ACEN Corp., up 0.85 percent to P5.95; and GT Capital Holdings Inc., down 1.82 percent to P486 per share.
Overall, there were 99 losers against 73 advancers while 55 companies closed unchanged. INQ
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