Investors shun ACEN, causing PSEi to tumble

The benchmark Philippine Stock Exchange Index (PSEi) struggled on Thursday amid a selloff at the Ayala Group’s ACEN Corp.

The PSEi slumped 0.79 percent, or 51.52 points, to 6,469.23 while the broader All Shares index was down 1.04 percent, or 35.60 points, to 3,398.81.

ACEN, the country’s leading renewable energy firm and a blue-chip index stock, fell nearly 8 percent to P3.71 per share on Thursday. This extends losses since the start of the year to over 50 percent.

Joseph Roxas, president of Eagle Equities Inc., said on Thursday investors were rebalancing their portfolios and making bets on other energy plays that offered better potential returns.

Data from the stock exchange showed nearly 2 billion shares valued at P8.64 billion changing hands, including a block sale of Axelum Resources Corp. worth P4.8 billion. Foreigners were mostly sellers for a net amount worth P1.81 billion.

PSE subsectors were mostly lower, led by property (-1.65 percent), services (1.34 percent), industrial (-0.86 percent) and holding firms (-0.82 percent) while financials rose 0.7 percent.

ACEN was the top traded stock on Thursday with a value turnover of about P580 million.

It was followed by Ayala Land Inc., down 0.44 percent to P33.85; SM Prime Holdings Inc., down 2.94 percent to P33; International Container Terminal Services Inc., down 2.14 percent to P238; and East West Banking Corp., down 1.23 percent to P8 per share.

SM Investments Corp. was down 0.17 percent to P903; GT Capital Holdings Inc., up 1.04 percent to P585; BDO Unibank Inc., up 1.09 percent to P130.40; Ayala Corp., down 1.66 percent to P710; and Universal Robina Corp., down 1.71 percent to P115 per share.

Overall, there were 122 losers against 71 advancers while 46 companies closed unchanged, data from the stock exchange showed. —Miguel R. Camus