PH shares retreat after Wall Street selloff

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After moving back and forth into the 6,600-point territory during the week, Philippine shares fell back to the 6,500-level on Friday after a sell-off on Wall Street, mostly hitting technology stocks, triggered by a global market correction.

“Profit-taking ensued following declines in US markets,” Nisha Alicer, analyst at DA Market Securities Inc., said in a text message.

The Philippine Stock Exchange index (PSEi) gave up 41.93 points or 0.63 percent to 6,596.96, while the broader all shares declined 14.93 points or 0.37 percent to 3,977.72.

Among the day’s top gainers was the Manila Bulletin Publishing Corp., soaring nearly 50 percent on speculation of a possible takeover bid for the company following the death earlier this week of its longtime chairman Don Emilio Yap.


“We were surprised as well. It has led to speculation of a takeover but I could not confirm that,” Alicer said.  The stock closed at P1.39 from its previous closing price of P0.93, with 31.6 million shares changing hands valued at P42 million.

By sector, except for mining and oil, the rest of the sectoral indices were in the red. Mining and oil ended slightly higher at 15,027.51, up10.87 points or 0.07 percent.

The property counter fell 39.83 points or 1.54 percent to 2,551.07, while financials slid 10.62 points or 0.67 percent to 1,574.76.  Holding firms followed, down 23.33 points or 0.39 percent at 6,036.18, while services dropped 6.10 points or 0.31 percent to 1,948.26.

The number of shares traded on Friday was 1.3 billion, valued at P8.3 billion. Decliners beat advancers 103 to 75.

Some of the most actively traded stocks were Ayala Land Inc., down 2.80 percent at P29.55; Philippine Long Distance Telephone Co., down 0.36 percent at P2,744; SM Investments Corp., down 0.62 percent at P718.50; Ayala Corp., up 0.98 percent at 619.00; and China Banking Corp., down 0.16 percent at 61.60.

On Thursday, the benchmark index was trading at the 6,600 level, rising 51.40 points or 0.78 percent to 6,638.89 at the close as investors cheered the US Federal Reserve’s low interest rate stance. The broader all shares went up 33.34 points or 0.84 percent to 3,992.65.

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