Ayala Land share drop weighs on PSEi
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Fri, 26 Apr 2019 16:22:41 +0000
THE stock market retreated on Friday as the drop in Ayala Land Inc. Shares was said to have weighed on sentiment.
The benchmark Philippine Stock Exchange index (PSEi) dropped by 0.33 percent or 26.17 points to close at 7,868.28. The wider All Shares declined by 0.23 percent or 11.31 points to finish at 4,856.35.
P2P Trade Online sales associate Gabriel Jose Perez said the PSEi took a breather, largely due to a correction on Ayala Land shares after it shed 2.02 percent or P1 to finish
at P48.50 on Friday.
On Thursday, the property giant’s shares finished up by 3.13 percent following announcements that it would list within the second half of the year its offices within the
Makati central business district, on the Real Estate Investment Trust (REIT) market.
The listing would have a portfolio size of $500 million or P26 billion. The application would be filed under existing rules of 67-percent minimum public ownership.
In a separate comment, Regina Capital Development Corp. head of sales Luis Limlingan said market players stayed on the sidelines, waiting “whether an endgame between China and US is finally nearing.”
Global markets were mixed. In the US, the Dow Jones and S&P500 finished down by 0.51 percent and 0.04 percent, respectively, while Nasdaq grew by 0.21 percent.
In Asia, Tokyo dropped by 0.22 percent, Shanghai lost 1.20 percent, Hong Kong finished flat, Seoul declined by 0.51 percent, Bangkok dipped by 0.08 percent, and Bangkok slipped by 0.25 percent. Jakarta grew by 0.29 percent.
In Manila, only the financial sector finished in the green, up 0.18 percent.
More than 2.45 billion issues were traded, valued at P5.7 billion.
Losers led winners, 94 to 81, while 61 issues were unchanged.
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