PSEi turns red as gov’t economic team cuts growth goal

The local bourse settled in the red territory on Tuesday as investors awaited the country’s latest inflation data while absorbing the government’s adjusted growth targets for the year.

The benchmark Philippine Stock Exchange Index (PSEi) ended nearly flat as it shed 0.13 percent or 8.68 points to close at 6,734.21.

Meanwhile, the broader All Shares Index added 0.06 percent or 2.17 points to 3,791.77.

A total of 492.73 million shares worth P5.77 billion changed hands, stock exchange data showed. Foreigners remained net sellers as foreign outflows totaled P389.94 million.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said traders were waiting on November inflation data, which had been projected to have accelerated but still within the government’s target range of 2 percent to 4 percent.

This also comes after the Philippine government adjusted its growth targets for the year to reflect “more uncertain” economic conditions.

The interagency Development Budget Coordination Committee narrowed its gross domestic product growth target to 6 to 6.5 percent from 6 to 7 percent previously.

The subsectors were mixed, with services and mining firms climbing while the conglomerates, banks and property and industrial companies slipped.

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Index heavyweight International Container Terminal Services Inc. was the top-traded stock as it gained by 1.03 percent to P394 per share.

It was followed by Bank of the Philippine Islands, down 0.55 percent to P127.7; BDO Unibank Inc., flat at P155.2; SM Prime Holdings Inc., down 0.56 percent to P26.45; and Ayala Land Inc., up 0.52 percent to P29.15.

Other actively traded stocks were Ayala Corp., up 1.88 percent to P650; SM Investments Corp., down 1.53 percent to P904; Manila Electric Co., down 0.17 percent to P479.2; PLDT Inc., up 1.34 percent to P1,360; and DigiPlus Interactive Corp., up 2.39 percent to P23.6.

Gainers edged out losers, 103 to 90, while 48 companies closed unchanged, stock exchange data also showed.