Philippine stocks end the week on a losing streak

Philippine stocks end the week on a losing streak

MANILA, Philippines — Although little changed, the local stock market extended its losing streak on the last day of the trading week, as sentiments were dampened by dim rate cut prospects.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) shed 0.11 percent, or 7.13 points, to close at 6,383.7. This is the PSEi’s lowest closing since June 4, when it closed at 6,386.42.

The broader All Shares Index, meanwhile, inched up by 0.14 percent, or 4.75 points, to 3,447.75.

Trading volume was thin, with 298.24 million shares worth P3.11 billion changing hands, stock exchange data showed.

Research analyst Claire Alviar of Philstocks Financial Inc. said that while some investors took more gains, “others chose to stay on the sidelines ahead of the long weekend.”

READ: Wanted: ‘Sooner than later’ Bangko Sentral rate cuts

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., noted that the local bourse ended the week in the red “as investors digested latest statements from the BSP (Bangko Sentral ng Pilipinas) regarding potential rate cuts.”

Top-traded stocks in the red

The central bank said it would consider cutting interest rates depending on local inflation data, although traders fear that the BSP would mirror the US Federal Reserve’s move to keep rates unchanged.

Most of the top-traded stocks were in the red, with mining companies losing the most, while banks gained.

International Container Terminal Services Inc. was again the most actively traded stock as it went down by 0.12 percent to P339.60 each.

It was followed by SM Investments Corp., down 0.48 percent to P832; Jollibee Foods Corp., down 1.44 percent to P219; Ayala Corp., down 0.26 percent to P573.50, and Bloomberry Resorts Corp., down 1.37 percent to P10.10.

Aboitiz Equity Ventures shed 0.9 percent to P38.45; SM Prime Holdings Inc., up 0.93 percent to P27.15; Wilcon Depot Inc., down 0.46 percent to P17.40; Metropolitan Bank and Trust Co., up 0.36 percent to P69.40; and Bank of the Philippine Islands, down 0.09 percent to P116.

There were 94 losers against 84 advancers, while 57 companies were unchanged at closing. —MEG J. ADONIS