PSEi languid after lackluster GDP data

The local bourse was lethargic on Thursday as investors after the government announced marginal growth in Philippine gross domestic product.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) was nearly flat as it shed 0.09 percent or 5.96 points to end at 6,364.69.

Likewise, the broader All Shares Index lost 0.1 percent or 3.9 points to close at 3,776.06.

A total of 685.4 million shares worth P6.26 billion changed hands, stock exchange data showed.

The nearly flat closing of the PSEi came after the Philippine economy grew by 5.5 percent in the second quarter. While this is slightly faster than the 5.4 percent in the first quarter this year, this is noticeably lower than the 6.5 percent logged in the same period last year.

“Some investors might have expected stronger results following the solid performance of the agriculture sector,” said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

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International Container Terminal Services Inc. was the top-traded stock as it gained by 2.7 percent to P494, followed by SM Investments Corp., down 1.82 percent to P810; BDO Unibank Inc., up 1.05 percent to P144.50; DigiPlus Interactive Corp., up 8.48 percent to P24.95; and Philippine National Bank, up 4.69 percent to P67 per share.

Others were Ayala Corp., down 0.84 percent to P590; Metropolitan Bank and Trust Co., down 0.56 percent to P71.50; Bank of the Philippine Islands, up 0.99 percent to P122.70; Monde Nissin Corp., down 9.81 percent to P7.17; and PLDT Inc., up 2.4 percent to P1,321 each.

Losers overpowered gainers, 124 to 73, while 42 companies closed flat.