Amidst the anticipation of the US Federal Reserve’s policy meeting, the benchmark Philippine Stock Exchange Index (PSEi) slipped below the 6,500 level on Wednesday, leading to a decline in domestic stocks due to risk aversion. At the end of the session, PSEi dropped to 6,434.06, down 1.12%, or 73.20 points, while the All Shares index slipped 0.87%, or 30.21 points, to 3,437.04. Despite this, major Wall Street indexes closed higher after new US inflation data showed prices cooling further in May.
Luis Gerardo Limlingan, head of sales at Regina Capital Development, reported that traders increased their bets on the Fed keeping rates unchanged on Wednesday following the report about prices cooling, after having hiked it at 10 consecutive meetings.
According to data provided by the stock exchange, a total of 1.2 billion shares valued at P11.45 billion changed hands while foreigners were net sellers to the tune of P533.22 million. Juan Paolo Colet, managing director at investment bank China Bank Capital Corp., declared that over half of the daily volume came from cross sales in JG Summit Holdings and Robinsons Retail, which are Gokongwei family-led firms.
During Wednesday’s session, services (-2.04%) was the top-performing PSE subsector while property (-1.59%), holding firms (-1.27%), mining and oil (-1.13%), and financials (-0.55%) underperformed. Industrial stocks were up 0.003 percent.
The most actively traded stock was JG Summit, which traded at 1.06% to P47.50 each, followed by Robinsons Retail, which was down 0.49% to P51.15, Ayala Land Inc. down 4% to P24, SM Investments Corp. down 1.73% to P910, and BDO Unibank Inc., up 0.64% to P140.50 per share.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.