PSEi slides on disappointing economic data
Disappointing economic data dampened investor sentiment on Wednesday, causing the local bourse to slide below 6,700. The benchmark Philippine Stock Exchange Index (PSEi) shed 1.22 percent, or 82.11 points, to close at 6,642.71.
Likewise, the broader All Shares Index slipped by 0.72 percent, or 27.25 points, to 3,758.55.
A total of 905.03 million shares worth P5.23 billion changed hands, stock exchange data showed.
Foreigners were net sellers, with foreign outflows totaling P497.83 million. This comes after the country posted its widest foreign trade deficit in 26 months in October.
Data from the Philippine Statistics Authority showed that exports contracted for the second straight month while imports increased, resulting in a merchandise trade gap of $5.8 billion, up by 36.8 percent.
Japhet Tantiangco, research head at Philstocks Financial Inc., said the decline in September foreign direct investment into the country likewise affected sentiment.
At the same time, traders considered the World Bank’s downgrade of its forecast of the country’s economic growth this year from 6 percent to 5.9 percent, Tantiangco added.
Only banks ended positive, buoyed by BDO Unibank Inc., the top-traded stock as it rose by 0.66 percent to P153 each, and Bank of the Philippine Islands, which was up 0.08 percent to P130.
Services-related firms saw the steepest dip due to declines in index heavyweights International Container Terminal Services Inc. (down 4.15 percent to P388) and PLDT Inc. (down 1.52 percent to P1,300).
Other actively traded shares were Ayala Land Inc., down 3.37 percent to P27.2; DigiPlus Interactive Corp., up 4.09 percent to P24.2; Universal Robina Corp., up 0.19 percent to P77.65; SM Prime Holdings Inc., down 0.75 percent to P26.55; AREIT Inc., up 0.13 percent to P38; and Jollibee Foods Corp., down 0.52 percent to P268.6 each.
Losers outnumbered gainers, 112 to 80, while 55 companies closed unchanged, stock exchange data also showed.
