PH shares spooked by China COVID woes

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The benchmark Philippine Stock Exchange index consolidated above the 6,400 level as regional indices were mixed amid concerns on the revival of pandemic restrictions in China. | PDI

Trading volume dipped as 525.9 million shares valued at P5.39 billion changed hands while foreigners were net buyers amounting to about P289 million, data from the stock exchanged showed.

PSE subsectors were mixed with financials, property and holding firms moving higher. On the other hand, mining and oil, services and industrial stocks tumbled.Jonathan Ravelas, a veteran stock market analyst and financial strategy consultant at e-Methods for Business Management Corp., said bears remained in control unless the PSEi could see a breakout past 6,850.It was followed by Ayala Land Inc., down 3.56 percent to P27.10 per share; International Container Terminal Services Inc., down 2.

AbaCore Capital Holdings Inc. was down 18.49 percent to P2.38; SM Prime Holdings Inc., up 3.55 percent to P35; SM Investments Corp., up 3.95 percent to P869; Metropolitan Bank & Trust, up 2.51 percent to P53; and Ayala Corp., down 2.09 percent to P656 per share.—Miguel R. Camus INQ

 

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