The SMIC brings down the PSEi after its withdrawal from the FTSE index

The benchmark Philippine Stock Exchange (PSEi) got off to a slow start after conglomerate SM Investments Corp fell sharply. (SMIC) amid its pullback from a closely watched global index on Monday.

At the closing bell, the PSEi was down 0.63%, or 46.54 points, at 7,372.25 while the broader all-stock index was down 0.18%, or 7.03 points, at 3,916.66.

SMIC, the Sy family’s holding company and one of the country’s largest companies, fell more than 6.6% after its removal from the FTSE Global Asia Pacific index.

FTSE also increased the weighting of other large companies, including AC Energy Corp. and Converge ICT Solutions Inc., both of which ended lower on Monday.

Major indices in the region cut losses following reports that US President Joe Biden had agreed to meet with Russian President Vladimir Putin in what has been described as a last-ditch effort to avert Russia’s announced plans to invade Ukraine.

Mixed results

The ESP sub-sectors ended the session on a weak note, with holdings falling 2.38% and real estate jumping 2.14%.

The other losers were services and industry, which fell by 1.07% and 0.97%. Mining and oil added 1.25% while financials rose 0.02%.

A total of 1.4 billion shares valued at 9.11 billion pesos changed hands while foreigners were net buyers to the tune of 320.17 million pesos.

In total, there were 129 losers against 72 advances, while 46 companies closed unchanged.

SMIC, the most actively traded during the session, fell 6.62% to 860P per share.

It was followed by Solar Philippines Nueva Ecija Corp., up 9.27% ​​to P1.86; SM Prime Holdings Inc., up 4.45% to 39.90 PPP; Ayala Land Inc., up 0.13% to 38.70 PPP; and DITO CME Holdings Corp., up 13.97% to 6.61 pesos per share.

Other active names were BDO Unibank Inc., up 0.37% to P135; World Nissin Corp., down 3.36% to 15.52 pesos; Globe Telecom, flat at P2,700; Converge ICT Solutions Inc., down 3.24% to 26.90P; and PLDT Inc., stable at P1,782 per share.

—Miguel R. Camus INQ

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About William J. Harris

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