PH Stocks Down on Fed QE Taper Fear

Manila—(PHStocks)—Philippine stocks plunge on renewed fear of the US Fed’s quantitative easing program’s tapering in September. The mainboard Philippine Stock Exchange index (PSEi) dropped by 5.96% or 389.22 points to close at 6,136.73 points today, 22 August.

According to PSE data, foreign buying was PhP4.92 billion, while foreign selling reached PhP9.65 billion. Overall, value turnover was PhP12.25 billion on 2.1 billion shares traded.

All counters were back in the red. The Property index led the declines, dropping by 7.94%. The Holding Firms segment plunged by 7.62%, while the Financials slid by 5.61%. The wider All Shares index fell by 5.49%.

PSE-22-8-13Today’s top most active stocks include SM Investments Corporation (SM, PhP725.00, -8.92%), Philippine Long Distance Telephone Co. (TEL, PhP2,946.00, -3.98%), Alliance Global Group Inc. (PSE: AGI): PhP25.10, -9.39%), Ayala Land Inc. (ALI, PhP27.90, -8.22%), Ayala Corp. (AC, PhP558.00, -6.84%), Metropolitan Bank & Trust Company (MBT, PhP106.50, -3.27%), SM Prime Holdings Inc. (SMPH, PhP16.00, -10.61%), BDO Unibank Inc. (BDO, PhP76.25, -6.44%), Universal Robina Corporation (URC, PhP116.30, -3.65%), and Metro Pacific Investments Corporation (MPI, PhP4.77, -8.09%).

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