US Gov’t Shutdown Fears Grip PH Stocks

PHStocks 30/09/2013 0 Comments AGI, ALI, Alliance Global, Ayala, BDO, BMM, Bogo Medellin, Cebu Holdings, CHI, F & J Prince, FFI, Filipino Fund, FJPB, I-Remit, iPeople, IPO, iRipple, Lepanto Consolidated, Lopez Holdings, LPZ, Manila Electric, Manila Jockey Club, Manila Mining, MBT, MERALCO, Metrobank, MJC, OPM, ore, Oriental Peninsula, Oriental Petroleum, PLDT, Pure Foods, RCI, Roxas, RPL, San Miguel, SFI, SM Investments, SM Prime, SMPH, Suntrust, Swift Foods, TKC Steel, Universal Robina, URC

Manila—(PHStocks)—Philippine stocks opened the trading week on negative note amid fears of a likely U.S. government shutdown due to budget impasse.

The benchmark Philippine Stock Exchange index (PSEi) plunged by 2.95% or 188 points to close at 6,191.8 today, 30 September, as investors exit the market in light of uncertainties in the U.S. market. Sell-off was heavy, with value turnover reaching PhP36.38 billion on volume of billion.

All counters were down except for the one index that braved the onslaught of market pessimism: the Services index, which increased by 0.27%. Leading the losers, meanwhile, was the Property sector, which crashed by 4.82%, followed by the Holding Firms segment, which plummeted by 3.61%.

There were 35 gainers today against 109 losers, while 37 stocks were flat. Today’s most active stocks in terms of value include Alliance Global Group Inc. (AGI, PhP23.50, -6%), Manila Electric Company (MER, PhP286.00, 4.38%), Philippine Long Distance Telephone Co. (TEL, PhP2,978.00, 1.22%), SM Investments Corp. (SM, PhP780.00, -4.41%), Metropolitan Bank & Trust Company (MBT, PhP83.00, -6.21%), Universal Robina Corp. (URC, PhP123.00, -2.77%), Ayala Corp. (AC, PhP604.50, -1.39%), Ayala Land Inc. (ALI, PhP27.25, -5.38%), BDO Unibank Inc. (BDO, PhP75.00, -4.46%), and SM Prime Holdings Inc. (SMPH, PhP16.02, -6.97%).