PSEi ends lower as property issues weaken

The benchmark Philippine Stock Exchange index (PSEi) retreated on Wednesday as hopes faltered over a less restrictive general community quarantine in Metro Manila.

By the closing bell, the PSEi sank 1.86 percent, or 114.33 points, to 6,042.12 while the broader All-Shares index was down 1.22 percent, or 44.42 points, to 3,591.36.

Chris Mangun, research head at stockbrokerage firm AAA Equities, said investors were spooked after the government announced a unified curfew from 8 p.m. until 5 a.m. in the capital district.

“This could have hurt sentiment as current conditions are more restrictive than before the imposition of [modified enhanced community quarantine],” Mangun said in a research note.

He said property stocks were battered as investors expected the curfew to limit store hours at shopping malls.

“Our market was also an outlier as most markets in Asia climbed higher along with western markets,” Mangun said.

On Wednesday, only the services sub-index closed in positive territory with a gain of 0.7 percent. Property sank by 2.54 percent, followed by holding firms, down 2.19 percent.

A total of 1.36 billion shares valued at P5.46 billion changed hands. There were 92 gainers versus 95 losers while 42 companies closed unchanged.

SM Investments Corp. was the most actively traded on Wednesday as it dropped 1.1 percent to P900 a share.

It was followed by Axelum Resources Corp., up 5.08 percent to P2.48; SM Prime Holdings, down 3.13 percent to P31; Ayala Land Inc., down 3.04 percent to P31.85, and International Container Terminal Services, down 1.73 percent to P108.10 a share. —MIGUEL R. CAMUS

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Article and Photo originally posted by Inquirer.NET last August 20, 2020 5:12am.