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Business

Index pauses, consolidates in tight range

Iris Gonzales - The Philippine Star
Index pauses, consolidates in tight range
This undated file photo shows the Philippine Stock Exchange building in Taguig City.
Edd Gumban / File

MANILA, Philippines — Share prices slid back but remained within striking distance of nine-month highs as foreign buying helped cushion the market’s profit-taking bias.

The benchmark Philippine Stock Exchange index (PSEi) finished at 7,230.15 yesterday, down 21.95 points or 0.30 percent,  while the broader All Shares index fell 2.70 points or 0.06 percent to close at 4,453.82.

“The index continued to consolidate in a tight range as the market tries to build momentum for another run-up above 7,300,” said AB Capital Securities in a market commentary.

The main index ranged from a low of 7,218.61 to a high of 7,287.03 in intra-day trading yesterday.

Total value turnover amounted to P7.748 billion. Decliners slightly outnumbered advancers, 104 to 94, while 47 issues were unchanged.

Foreign funds were still net buyers in the market with P184.04 million.

Claire Alviar, research analyst at PhilStocks Financial, said the local bourse dropped following its Asian peers, weighed down further by foreign selling in some index heavyweights.

Among the most active stocks yesterday were AC Energy, which continued to soar, closing at P12.10 per share, up one percent. SM Prime Holdings came in second with a 0.57 percent increase to close at P35.20 per share.

On the other hand, Razon-led ICSTI shed 3.17 percent to finish at P183 while BPI rose 2.35 percent to end at P87 per share. Converge is back on track with a gain of 3.13 percent to close at P32.95 per share.

Index newcomer Wilcon Depot led gainers after reporting that its net income more than doubled in the first nine months of 2021 to P1.87 billion from last year’s P984 million.

Around Asia, emerging markets slipped on fresh China jitters as Modern Land became the latest Chinese property developer to default on a bond payment, hurting Chinese property stocks and rekindling worries that China Evergrande Group’s debt problems could pose a contagion risk.

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