The Philippine Stock Exchange index (PSEi) closed lower on Friday as large property companies weighed it down, marking the end of the first half of 2023.
At the close of trading, the PSEi fell by 0.67 percent or 43.42 points to reach 6,468.07. The broader All Shares index also declined by 0.37 percent or 12.93 points.
Despite the Bangko Sentral ng Pilipinas (BSP) stating that inflation in June may have cooled from the previous month’s 6.1 percent, index heavyweights SM Prime Holdings Inc. and Ayala Land Inc. experienced losses. Financial market experts believe that the BSP is unlikely to cut interest rates in the near future.
The property subsector was the main contributor to the decline, dropping by 2.34 percent. This was followed by financials (-0.77 percent) and holding firms (-0.24 percent). However, the services sector saw a rise of 0.55 percent, while the industrial and mining and oil sectors also experienced small increases of 0.18 percent and 0.08 percent, respectively.
A total of 783.99 million shares valued at P4.73 billion were traded on Friday, with foreigners being net sellers worth P271.8 million, according to data from the stock exchange.
Among the most actively traded stocks, SM Prime Holdings Inc. recorded the highest trade volume as it decreased by 2.81 percent to P32.85 per share.
Other notable stock performances included Ayala Land Inc. (-3.19 percent), SM Investments Corp. (+0.98 percent), BDO Unibank Inc. (-0.86 percent), and JG Summit Holdings (-4.41 percent).
Bank of the Philippine Islands (-1.09 percent), Jollibee Foods Corp. (+0.25 percent), Figaro Coffee Group Inc. (-4.05 percent), Ayala Corp. (-2.34 percent), and GT Capital Holdings Inc. (+1.18 percent) also experienced notable changes in their stock prices.
In total, there were 95 losers and 83 advancers, while 42 companies remained unchanged.
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