Philippine stocks traded listlessly, missing the rally on Wall Street and Asian markets as the government review of the operations of coal producer Semirara Mining and Power Corp. dampened local sentiment.
Semirara closed with a 7.52 percent loss, at P100.80 per share.
The benchmark Philippine Stock Exchange index (PSEi) touched the 8,000-mark during the morning session, but lost 25.49 points (0.32 percent) in the afternoon and closed at 7,955.86. The broader All Shares index fell 19.59 points (0.41 percent) to close at 4,722.82.
Earlier, Justino Calaycay Jr. of A&A Securities Inc. said investors are “haunted” by uncertainty in the business community in terms of the new government’s economic programs and policies moving forward.
“The government has so far failed to communicate its broad economic programs and policies beyond generic, motherhood statements. Insofar as the news cycle is concerned, the perception is that government is more focused on its anti-drug and criminality campaign going two months deep into office,” Calaycay said.
Among the sectoral indices, services advanced 2.38 percent while all others—financials, industrials, holding firms, mining and oil, and property—retreated.
Top gainers were International Container Terminal Services Inc., Globe Telecom Inc., Ayala Corp., and Ayala Land Inc., while the most active decliners were Universal Robina Corp., Metro Pacific Investments Corp., Semirara Mining and Power Corp., Security Bank Corp., GT Capital Holdings Inc., and SM Prime Holdings Inc.
Total volume expanded to 1.78 billion shares from 1.64 billion, while total value turnover dropped to P10.14 billion from P17.56 billion. Losers out numbered gainers, 116 to 78, while 40 issues were unmoved.
On Thursday, the PSEi eased by 0.87 percent or 70.05 points to 7,981.35, while the broader All Shares index dropped 0.76 percent or 36.48 points to 4,742.41.