MANILA, Philippines – The Philippine Stock Exchange Index (PSEi) has resumed its downtrend after a brief bounce yesterday. The index closed at 7066.57, lower by 109.86 points or 1.53 percent. The broader all share index was lower by 1.28 percent.
Most of the sub-indices are down for the day except for the Financial, Mining, and Oil sectors. Worst performing sectors are the Property and Holdings Sector. Within the Property sector, SMPH dragged as it was down by 3.52 percent to close at 34.25 a share.
Ayala-led ALI is also lower by 1.60 percent. MEG is also down by 3.63 percent. RLC also saw some bearish action as it was down by 4.24 percent.
Within the Holdings space, SM also led the drop as it was down by 2.69 percent to close at 851.50. The stock is down almost 25 percent from its peaks at the beginning of the year.
Gokongwei-led JGS is also down by 4.00 percent. AEV, MPI, and LTG were also significant losers dropping b 2.70 percent, 3.02 percent, and 3.32 percent respectively.
The most active stocks today include JFC with PHP 459 million in traded value, ALI with PHP 352 million and SMPH with 321 million.
The significant gainers include PPG by 29.09 percent, NI by 20.91 percent, VUL by 7.483 percent, and ISM by 7.08 percent.
The notable losers include JAS by 14.50 percent, HVN by 8.76 percent, RCI by 7.14 percent, and MAH by 6.43 percent.
There were 78 advancers and 112 decliners, while 51 names remain unchanged.
The market turnover totaled PHP 5.79 billion. Foreigners bought PHP 2.86 billion worth of Philippine equities and sold P3.23 billion resulting in a net foreign selling of PHP 363.85 million.
GERI is seen to open a new hotel by the end of this year in Tagaytay with a project cost of PHP 1.5 billion. The project, Twin Lakes Hotel will be operated by Global One Hotels Group, a sister company of Megaworld’s Belmont and Savoy hotel brands.
The project will be located in Laurel, Batangas over a 1200-hectare area. It will stand eight stories tall with an estimated 126 rooms. A total of three residential condominiums will also be launched in Twin Lakes, namely: The Manor at Twin Lakes, The Vineyard, and The Beldevere.
Two residential villages will also be put up and will be called Domaine Le Jardin and Lucerne with an estimated 838 available lots.
The Philippine stock market and other Asian markets are all red for the day as trade-war worries resurfaced again. This is mainly caused by White House fueling uncertainty. There are also concerns about the Chinese economy as the Yuan continues to weaken. Moreover, stocks in mainland China has also entered bearish territory after the index went down below 20 percent.
On a 30-day trading period, PSEi is on a Net Foreign Selling worth PHP16,096,045,981.97.
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