Philippine blue-chip stocks posted mixed results on Wednesday, Sept. 23, as the Philippine Stock Exchange index (PSEi) fell for a fourth consecutive session and slipped below the 5,800 level amid continued concerns over economic growth, inflation and rising local bond yields.
The PSEi declined 19.42 points, or 0.33%, to close at 5,795.14, while the broader All Shares index dropped 0.21% to 3,246.44. The market recorded 105 declining issues against 77 advancers, with 62 stocks unchanged. Total turnover was about P8.9 billion.
Among major index constituents, SM Investments Corp. fell 1.75% to P504.50, while Ayala Corp. declined 1.02% to P485. International Container Terminal Services, Inc. dropped 0.83% to P900, and PLDT, Inc. slipped 0.70% to P1,130.
Other large companies also recorded relatively modest movements. Jollibee Foods Corp. ended at P143.90, down 0.07%, while Globe Telecom, Inc. eased 0.13% to P1,585. LT Group, Inc. also declined 0.13% to P15.26.
Several PSEi members bucked the broader decline. AREIT, Inc. gained 1.08% to P37.50, while Converge Information and Communications Technology Solutions, Inc. rose 0.77% to P9.12. JG Summit Holdings, Inc. added 0.21% to P18.94, and DMCI Holdings, Inc. edged up 0.13% to P7.70.
Semirara Mining and Power Corp. also increased 0.12% to P16.24, while Synergy Grid & Development Philippines, Inc. rose 0.23% to P21.40. Philippine National Bank ended unchanged at P78.
At the sector level, property was the only PSEi sector to finish higher, gaining 0.45%. Services recorded the largest decline at 0.73%, followed by mining and oil at 0.57%, holding firms at 0.49%, financials at 0.11% and industrials at 0.02%.
Market weakness came as investors continued to weigh concerns over Philippine economic growth and inflation. Philstocks Research said weak confidence in the local economy and higher local Treasury yields contributed to the extended market decline.
The peso, meanwhile, strengthened against the US dollar, closing at P62.58 from P62.72 a day earlier. The currency traded between P62.49 and P62.69 during the session, providing some relief as investors monitored both domestic conditions and global financial-market developments.
The latest session leaves the PSEi at 5,795.14, with individual blue-chip stocks continuing to move in different directions as investors assess corporate prospects alongside broader concerns over inflation, interest rates and economic growth.
