Philippine Stock Exchange

Market Wrap: PH stocks end winning streak, Converge falls 17%

Ralf Rivas

This is AI generated summarization, which may have errors. For context, always refer to the full article.

Market Wrap: PH stocks end winning streak, Converge falls 17%
The Philippine Stock Exchange index breaks its 6-day winning streak and joins the bloodbath across Asia

After 6 consecutive days of posting gains, the Philippine Stock Exchange index (PSEi) shed 1.2% on Tuesday, October 27, joining the bloodbath across Asia-Pacific.

The broader all shares, as well as all other sub-indices, followed the downtrend.

Foreigners, however, remained optimistic in Philippine stocks. Foreign buying stood at P3.1 billion, while foreign selling trailed at P2.99 billion.

Blue chip stocks were flat at best. Two-thirds of companies comprising the PSEi were in the red.

Converge ICT Solutions, which debuted on the main board on Monday, October 26, remained to be the biggest loser, shedding 17.1%. (READ: Converge to spend P29 billion over 18 months for network expansion)

Decliners trumped advancers, 117 to 79, while 64 were unchanged.

Corporate news

Meralco – The core profit of the Manila Electric Company (Meralco) dropped by 14.8% to P15.73 billion in January-September, though it saw an improvement as restrictions eased.

Energy sales peaked in September at 4,007 gigawatts per hour (GWh). Meralco attributed the higher sales to the residential segment, which took up 39% of the mix due to increased work-from-home arrangements and online classes.

For the past 9 months, total power sold was 7% lower at 32,539 GWh compared to a year ago.

Apex Mining – A mining site of its subsidiary in Itogon, Benguet, halted operations last October 23 due to COVID-19 cases in the area.

Operations will resume after contact tracing and swab testing will be completed.

San Miguel Corporation – The Ramon Ang-led conglomerate said it filed an updated registration statement before the Securities and Exchange Commission for its offering of Series 2 preferred shares worth P20 billion. 

The second tranche will offer up to 266 million shares at P75 apiece. 

The complete details can be viewed here. – Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

Summarize this article with AI

How does this make you feel?

Loading
Download the Rappler App!
Tie, Accessories, Accessory

author

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.