PH debt woes push stocks farther down

Philippine shares lingered within the 6,800 level on Thursday as investors absorbed another batch of economic uncertainties, specifically the national government’s increasing outstanding debt.

By the closing bell, the benchmark Philippine Stock Exchange Index fell by 0.54 percent, or 36.76 points, to 6,827.06. The broader All Shares Index, meanwhile, slightly declined by 0.25 percent, or 9.06 points, to 3,580.32.A total of 510.34 million shares valued at P4.37 billion changed hands, stock exchange data showed.

This marked the third consecutive session of declines as traders considered the government’s outstanding debt that rose by 2.63 percent in February to a record-high of P15.18 trillion.

“Additionally, inflation concerns were heightened as the Department of Agriculture expects that rice prices will remain elevated until the middle of the year,” said Mikhail Plopenio, researcher at Philstocks Financial Inc.

Conglomerate SM Investments Corp. was the top-traded stock as it went down by 0.05 percent to P980 per share.

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It was followed by Jollibee Foods Corp., down 3.88 percent to P232.60 per share; International Container Terminal Services Inc., down 2.49 percent to P321; Bank of the Philippine Islands, up 0.7 percent to P115.80; and Ayala Corp., down 0.63 percent to P635 per share.

Metropolitan Bank and Trust Co. rose by 0.59 percent to P68.15 per share; DigiPlus Interactive Corp. rallied by 8.64 percent to P13.08; Aboitiz Equity Ventures, down 3.48 percent to P44.40; Semirara Mining and Power Corp., up 0.6 percent to P33.60; and Puregold Price Club Inc., which stayed flat at P25 per share.Losers edged advancers, 101 to 77, while 53 companies closed unchanged, stock exchange data showed. INQ