New Economic Data Rattle PH Shares

The Philippine Stock Exchange Index (PSEi) withdrew on Wednesday as investors weighed new sets of economic data on national debt and unemployment.

The benchmark PSEi fell 2.24%, or 149.22 points, to 6,256.16 while the broader All Shares index lost 1.49%, or 51.86 points, to 3,425.86.

The Bureau of the Treasury said the Philippine government’s outstanding debt ballooned to ₱13.64 trillion at the end of October, 0.9% higher than the previous month.

“In view of large debts incurred of nearly [an added] ₱6 trillion since the pandemic started in 2020, the new administration may still need to further intensify tax revenue collections based on existing tax laws, come up with new taxes/tax reform measures, increase tax rates, among others to further boost structural sources of government revenues,” said Michael Ricafort, chief economist at the Rizal Commercial Banking Corp.

Meanwhile, The Philippine Statistics Authority said the Philippines’ unemployment rate declined to 4.5% in October, coming from 7.4% in the previous year.

Other sectors such as property, holding firms, financials, and industrial followed declines. While mining and oil and services rose to 0.84% and 0.61% respectively.

A total of 499 million shares valued at ₱6.05 billion changed hands while foreigners were net sellers to the tune of ₱666.04 million.

International Container Terminal Services Inc. was the top traded stock as it rose 0.85% to ₱190 per share.

It was followed by Universal Robina Corp., down 2.61% to ₱134.40; BDO Unibank Inc., down 1.98% to ₱129; PLDT Inc., up 1.86%to ₱1,700; and Ayala Land Inc., down 3.01% to ₱29 per share.

Globe Telecom was down 0.91% to ₱2,182; SM Prime Holdings Inc., down 4.67% to ₱34.70; Ayala Corp., down 2.32% to ₱695.50; Jollibee Foods Corp., down 3.89% to ₱237; and SM Investments Corp., down 3.5% to ₱910 per share.

Source: Inquirer.net