PH stocks flat as economic slowdown fears weigh on markets

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The Philippine Stock Exchange Index (PSEi) closed nearly unchanged on Wednesday at 6,882.12, down 0.01% (0.80 points), following a sharp drop in US markets as investors worried about a potential global economic slowdown.

The broader All Shares Index shed 0.03 percent, or 1.26 points, to close at 3,729.52.

A total of 653.58 million shares worth P5.55 billion changed hands as foreigners made net purchases worth P145.73 million, stock exchange data showed.

Japhet Tantiangco, research manager at Philstocks Financial Inc., said the very slight decline was due to “negative spillovers from Wall Street amid renewed concerns over the US economy’s health.”

READ: Understanding the Philippine stock market

Overnight, US markets fell to what was seen as their worst in a month due to weak manufacturing data. This brings back memories from recession fears early in August that caused most Asian markets, including the Philippines, to decline.

Locally, banks led the gainers with a 0.99-percent climb, buoyed by BDO Unibank Inc. and Bank of the Philippine Islands. The industrial sector, meanwhile, recorded the steepest loss at 1.02 percent.

International Container Terminal Services Inc. was the most actively traded stock as it went down by 0.15 percent to P398.

It was followed by Universal Robina Corp., down 1.05 percent to P89.85; SM Investments Corp., down 0.50 percent to P900; Jollibee Foods Corp., down 2.68 percent to P254; and BDO, up 0.13 percent to P153 per share.

Losers overpowered gainers, 113 to 76, while 54 companies closed unchanged.