PH Stocks Slide Back to 5,900 Territory

PHStocks 27/08/2013 0 Comments ABS-CBN, Acesite, AGI, Alliance Global, Asia United Bank, AUB, Ayala, Basic Energy, BDO, Benguet, Bogo Medellin, DFNN, Filinvest, House of Investments, International Container Terminal, IP E-Game, Island Information, Keppel, Lepanto Consolidated, Liberty Flour, MBT, Melco Crown, Metro Pacific Investments, Metrobank, Pancake House, PDAF, Philippine Savings Bank, PLDT, pork barrel, Premiere Horizon, PSBank, SM Investments, Southeast Asia Cement, Universal Robina, URC

Manila—(PHStocks)—Philippine stocks suffered a beating Tuesday, 27 August, as investor unload their shares amid bearish outlook in global markets.

The benchmark Philippine Stock Exchange index (PSEi) dropped by 3.96% or 244.22 points to close the day’s trading at 5,916.99, weighed down by investors’ uncertainty over the continuing guessing game on whether or not the US Federal Reserve will start tapering its QE program next month.

The “pork” barrel (Priority Development Assistance Fund of PDAF) issue is another factor being pointed out as among the reasons the local stock market tanked today. The unrest in Syria likewise added fuel to the fire that drove today’s sell-off.

According to PSE data, value turnover reached PhP9.23 billion on 1.89 billion traded shares. Foreign selling reached PhP6.34 billion versus buying of only PhP3.88 billion.

Still, 21 stocks weathered the onslaught of market pessimism, managing to eke out gains. There 147 decliners, however, while 40 stocks were flat.

On a sectoral basis, all counters are back in the red. The biggest loser is the Property sector, which declined by 4.93%, followed by the Holding Firms segment, which slid by 4.71%. The wider All Shares index declined by 3.59%.

Today’s most active stocks include SM Investments Corp. (SM, PhP685.00, -6.16%), Metropolitan Bank & Trust Company (MBT, PhP102.90, -1.91%), Ayala Land Inc. (ALI, PhP25.60, -6.74%), Philippine Long Distance Telephone Co. (TEL, PhP2,824.00, -3.95%), Alliance Global Group Inc. (AGI, PhP24.65, -2.95%), BDO Unibank Inc. (BDO, PhP72.00, -5.88%), Universal Robina Corporation (URC, PhP114.00, -2.73%), Ayala Corp. (AC, PhP518.00, -7.17%), Metro Pacific Investments Corporation (MPI, PhP4.86, -0.82%), and International Container Terminal Services Inc. (ICT, PhP89.70, -3.29%).