PSEi down as investors hold breath on US data

Anxious investors awaiting latest inflation data in the United States snapped the local bourse’s four-session winning streak on Wednesday, with nearly all sectors in the red.

The benchmark Philippine Stock Exchange Index shed 0.57 percent, or 39.75 points, to close at 6,944.88.

Meanwhile, the broader All Shares Index lost 0.53 percent, or 20.09 points, to 3,766.21.

A total of 926.84 million shares worth P8.02 billion changed hands as foreigners made net purchases worth P340.59 million, stock exchange data showed.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors “collectively [held] their breath” before the release of US August inflation data.

This is seen as the most crucial economic data that will influence the Federal Reserve’s monetary policy decision this month. In turn, the Bangko Sentral ng Pilipinas may mirror any move by the Fed.

Only the services sector did not register a loss as it ended the trading session flat.

Sy family-led BDO Unibank Inc., the most actively traded stock, was one of the few index members that increased as it gained 2.19 percent to P158.40 per share.

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It was followed by International Container Terminal Services Inc., up 0.05 percent to P407.20; DigiPlus Interactive Corp., down 8.3 percent to P21; Converge ICT Solutions Inc., which declared dividends for the first time since 2020, up 4.18 percent to P16.94; and Philippine Seven Corp., down 0.42 percent to P71 each.

Ayala Land Inc. was down 2.66 percent to P34.75; SM Investments Corp., down 0.22 percent to P906; Bank of the Philippine Islands, down 2.42 percent to P121; Jollibee Foods Corp., down 1.03 percent to P250; and Universal Robina Corp., down 0.22 percent to P91.80.

Losers overpowered gainers, 131 to 66, while 47 companies closed unchanged, stock exchange data showed.