PSEi inches closer to one-year low

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The Philippine Stock Exchange index (PSEi) drew nearer its one-year low after dropping below 6,300 territory on Tuesday as investors continue to worry over a potential interest rate hike this week and the depreciating value of peso.

The benchmark PSEi fell by 0.77 percent, or 48.75 points, to settle at 6,285.19 while the broader All Shares index slipped 0.56 percent, or 19.11 points, to reach 3,368.67 by the closing bell.

The bellwether index is now just 29.51 points away from its one-year low of 6,255.68. In the past week, PSEi had been closing mostly around 6,300 to 6,400 levels.

“[Investors] continued to trade cautiously amid the uncertainties over the the Bangko Sentral ng Pilipinas’ upcoming policy decision this week,” Philstocks Financial, Inc. senior research analyst Japhet Louis Tantiangco said.

The peso weakening to P54 level against the greenback also soured investor sentiment, he said.

“Philippine shares traded flat again as many remained on the sidelines, gauging the likelihood of a recession following the [Federal Reserves’] more aggressive stance, while waiting for the US to return from the long holiday,” Regina Capital Development Corp. head of sales Luis Limlingan added.

All subsectors ended in the red except for industrial and mining and oil which were up 0.56 percent and 0.20 percent, respectively. Services index incurred most losses at 1.12 percent.

About 885.42 million shares valued at P3.97 billion were traded. A total of 94 shares declined while 87 advanced; 53 issues did not change hands.

SM Investment Corp.’s shares, the most actively traded, shed 2.03 percent to P774 each.

This was followed by Ayala Land Inc., down 0.54 percent to P27.65; SM Prime Holdings, down 1.22 percent to P36.45; BDO Unibank Inc., up 0.16 percent to P123; Converge ICT Solutions Inc., up 0.10 percent to P19.32; and International Container Terminal Services Inc., down 2.16 percent to P195.10.

Other active names were Manila Electric Co., up 0.43 percent to P371; PLDT Inc., down 2.19 percent to P1,790; Philippine Seven Corp., down 2 percent to P49; and Philweb Corp., up 15.09 percent to P5.95.

—Tyrone Jasper C. Piad INQ


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