Stock index slips below 8,000 points

January 23, 2019

The Philippine Stock Exchange index slipped from the 8,00-point level on Wednesday even as there was plenty of buying in Philippine Airlines after new reports said All Nippon Airways may invest into the flag carrier. 

The index finished at 7,989.65 points, down by 19.02 points. In the broader market, there were 120 decliners, 77 gainers and 57 shares unchanged.

PAL closed 41.56 percent higher to P12.74. The flag carrier, in a disclosure to the PSE, said nothing is definite about talks to get a strategic investor.

Volume reached 1.21 billion shares worth P6.67 billion from Tuesday's 1,86 billion shares valued at P6.47 billion.

Most active shares were led by Ayala Corp., down 0.55 percent to P906; Ayala Land, down 1.34 percent to P44.80 and Premier Horizon Alliance, up 50 percent to 40 centavos.   

The peso rallied 18 centavos against the US dollar to close at P52.75. Volume at the foreign exchange portal of the Bankers Association of the Philippines reached $994.29 million from $1234.05 billion in the previous day. DMS