Only 5 Philippine Blue Chips Survive Today’s Share Plunge

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Shares traded at the Philippine Stock Exchange (PSE) closed lower Friday as investors take a wait-and-see stance on the looming US Federal Reserve’s rate increase.

The Philippine Stock Exchange Index was down 2 percent to 7,146.27 points. Holdings firms posted the steepest decline at 2.82 percent to end the day at 7,088.22 points.

Of the 30 blue chips stocks traded at the PSE, only five managed to post gains Friday, led by GT Capital Holdings Inc (PSE:GTCAP), which gained 1.82 percent to trade at P1,230 a share.

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Aboitiz Equity Ventures Inc (PSE:AEV), which reported strong net gains for 2016 early this week, also saw its stock gaining 1.03 percent to trade at P73.85 a share.

DMCI Holdings Inc (PSE:DMC)’s stock also survived the decline Friday after gaining 0.81 percent to end at P12.46 a share.

SM Prime Holdings (PSE:SMPH) and Manila Electric Company (PSE:MER) gained 0.35 percent and 0.34 percent to end at P29 and P3.68 a share, respectively.

Biggest loser among the blue chips was SM Investment Corporation, which declined by 9.24 percent to end the day at P599 a share.

Top gainers among the stocks traded at the PSE were Now Corporation (PSE:NOW), Arthaland Corporation (PSE:ALCO), Berjaya Philippines (PSE:BCOR), Jackstones Inc (PSE:JAS), and Roxas Holdings (PSE:ROX).

Meanwhile, Del Monte Pacific Limited (PSE:DMPL) said its third quarter recurring net income increased more than fivefold to US$11.6 million.

Net income without one-off items improved significantly to US$11.6 million from US$2.1 million, while revenue was slightly higher at US$604 million as higher Asia sales offset lower USA sales.

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The Philippine market’s sales grew as the group drove to optimise growth and consumption opportunities during the Christmas peak consumption occasions, positioning Del Monte as the single mega-brand that completes every Filipino family’s traditional Christmas meal celebrations – complementing above-the-line advertising with strategic Christmas packs meant for gifting across all channels. – [BusinessTimes.ph]

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