Local share prices extended their decline on Thursday, March 1, as investors tracked movements of global markets alongside the release of economic data.
The 30-member Philippine Stock Exchange index gave up 0.11% or 9.52 points to close at 8,465.77. The broader all-shares index also lost 0.1% or 5.31 points to 5,077.63.
“Philippine shares still sustained losses albeit at a smaller pace compared to Wednesday’s sell down…it didn’t help that the Philippine PMI went down to 50.8, which is 90 basis points lower than last month’s 51.7 and last year’s 53,” Regina Capital Development Corp. Managing Director Luis A. Limlingan said in a mobile phone message.
“Optimism doesn’t look good in these early days of March especially with February inflation results just around the corner next Tuesday,” Papa Securities Corp. Trader Gabriel F. Perez said in an email on Thursday.
Most Asian indices traded in the red on Thursday, following the bloodshed seen in global markets. The Dow Jones Industrial Average was down by 1.5% or 380.03 points to 25,029.20, the S&P 500 index declined 1.11% or 30.45 points to 2,713.83, while the Nasdaq Composite Index posted a 0.78% decline or 57.35 points to 7,273.01.
Locally, two sectoral counters managed to move to positive territory, as property picked up 1.55% or 57.65 points to 3,779.35, while services moved 0.1% higher or 1.68 points to 1,747.57.
The mining and oil counter posted the largest decline, slipping 1.55% or 57.65 points to 3,779.35. Financials shed 1.05% or 23.25 points to 2,202.40; holding firms went down 0.45% or 38.66 points to 8,546.40; while industrial dipped 0.03% or 3.44 points to 11,437.47.
A total of 6.9 billion issues switched hands, valued at P7.56 billion. This is lower than the P9.97 billion turnover the market saw in the previous session. Decliners outpaced advancers, 110 to 84, while 49 issues were unchanged.
Among the day’s most actively traded stocks were from SM Invesments Corp., recovering from the previous session’s slump as it jumped 1.77% to P966 each. SM Prime Holdings, Inc also added 1.27% to P35.75 apiece.
Speculation for third telco players also boosted the performance of telco firms, with Now Corp., gaining 2.92% to P13.40 each and EasyCall Communications Philippines, Inc. rising 10.05% to P52 each. — Arra B. Francia