PH Stocks Crash on QE News

Makati—(PHStocks)—Philippine stocks took a beating Thursday, 20 June, as investors over-reacted to news about the US Fed’s plans for its ongoing quantitative easing (QE) program. The Philippine Stock Exchange (PSE) index fell by 2.86% or 186.53pts to close today’s trading at 6,326.67 – wiping its gains during the last rally.

The rest of the markets in the Asia-Pacific region likewise suffered the same fate: the Jakarta Stock Exchange Composite Index shed 3.68%; Vietnam Ho Chi Minh Stock Index, -0.77%; KOSPI, -2%; Taiwan Stock Exchange Index, -1.35%; and SETI, -2.47%. Markets in China were likewise down, with the Shenzhen Stock Exchange Composite and Shenzhen Stock Exchange Component indices dropping 3.39% and 3.25%, respectively.

Meanwhile, all counters are back in the red, led by the Mining & Oil index, which fell sharply by 3.83%. The Property sector dropped by 3.31%, while the Holding Firms segment slid by 3.19%. The wider All Shares index, meanwhile, declined by 2.55%.

Trading was moderate, however, with value turnover reaching PhP7.57 billion on 1.56 billion shares traded. There were only 28 gainers against 139 losers, while 36 stocks were flat.

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The most active stocks for the day were SM Investments Corporation (SMIC, PSE: SM), SM Prime Holdings Inc. (PSE: SMPH), Ayala Corp. (PSE: AC), Ayala Land Inc. (PSE: ALI), Philippine Long Distance Telephone Co. (PLDT, PSE: TEL), Metropolitan Bank & Trust Company (Metrobank, PSE: MBT), BDO Unibank Inc. (PSE: BDO), Alliance Global Group Inc. (PSE: AGI), Bank of the Philippine Islands (PSE: BPI), and Universal Robina Corporation (PSE: URC).

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