PSEi ends week in the red
The Philippine Stock Exchange Index (PSEi) ended the trading week in the red as investors adopted a “wait-and-see” approach. This was amid the continued scrutiny of multibillion-peso flood control projects.
The local stock barometer on Friday dropped by 0.29 percent or 17.68 points to close at 6,109.21.
The broader All Shares Index also slipped by 0.17 percent or 6.14 points to 3,685.59.
Only the holding firms as well as mining and oil recorded gains. Services and property, meanwhile, saw the largest loss.
According to Michael Ricafort, chief economist at Rizal Commercial Banking Corp., this was one of the lowest closes in the past five months.
“[This was] amid reports of possible demonstrations in the coming days (still wait-and-see mode) amid political noises recently, especially those related to the controversial flood control projects/anomalies/corruption allegations,” Ricafort said.
Meanwhile, Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the market stayed quiet this week amid the absence of key local drivers.
“Although US inflation came in lower than expected, boosting hopes for near-term Fed rate cuts, the Philippine market has so far shown little reaction,” Limlingan said.
Meanwhile, the market closed with 98 gainers, 96 decliners, and 61 remained unchanged.
Synergy Grid & Development Phils., Inc. was the top index gainer, posting 5.88 percent to P17.28 per share.
Converge Information and Communications Technology Solutions Inc., on the other hand, was the main index laggard. Its shares fell by 12.64 percent to P11.20 each.
