Thursday, January 28, 2021
 

Index change pulls down share prices

 

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The stock market snapped its four-day winning streak on Friday on a change in the main index’s composition that will take effect next Monday.

The bellwether Philippine Stock Exchange Index (PSEi) shed 0.34 percent or 20.87 points to finish at its intraday high of 6,076.91 while the broader All Shares added 0.12 percent or 4.45 points to finish at 3,596.19.

Luis Limlingan, Regina Capital Development Corp. managing director, said the PSEi ended the trading week in the red as investors focused on the said change.

“Local shares closed lower with funds shifting to track the new weighting of the PSEi, which takes effect [on] August 17. Upon the latest review, Emperador [Inc.] will be replacing Semirara Mining and Power Corp.,” he explained.




The bourse announced last week that the brandy unit of Andrew Tan-led Alliance Global Group Inc. would replace the Consunji-led mining firm on the PSEi board as a result of an index review from July 2019 to June 2020.

“The semiannual review of indices ensures that the exchange’s benchmarks reflect the performance of the best securities in the stock market in general and its sectors,” PSE President and Chief Executive Officer Ramon Monzon explained in a statement.

“Sentiment was dragged as stimulus talks [abroad] continue to drag, but better jobless claims helped curtail losses,” Limlingan said.

Wall Street slipped overnight, with the Dow Jones and S&P 500 falling by 0.29 percent and 0.2 percent, respectively. Nasdaq gained 0.27 percent.

Asian markets were mixed.Hong Kong slid by 0.19 percent, Seoul lost 1.23 percent, Singapore shaved off 0.61 percent, Bangkok tumbled by 1.55 percent and Ho Chi Minh declined by 0.5 percent. Tokyo was up 0.17 percent, Shanghai climbed by 1.19 percent and Jakarta improved by 0.16 percent.

Mining and oil led local sectors at 1.72 percent, while holding firms and services stumbled by 0.69 percent and 0.98 percent, respectively.

Total volume turnover was at 6.8 billion shares, valued at P9.46 billion.

Losers outpaced winners, 97 to 88, while 56 securities were unchanged.



 
 

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