Piper Tan of Philstocks noted that this was the worst sell-off since August 3, as the PSEi followed the downward trend of the United States markets.
Luis Limlingan of Regina Capital also noted that the upcoming US election and the surge in COVID-19 cases abroad also made investors jittery.Of the PSEi members, only SM Prime and Meralco inched up, while Emperador traded flat.Decliners led advancers, 147 to 58, while 52 were unchanged.Gokongwei-led Robinsons Retail Holdings Incorporated posted a net income of P2.4 billion in the first 9 months of the year, 13.9% lower than in the same period last year.
RRHI noted that 3rd quarter earnings showed an upward trend, indicating that the worst bottomed out in the 2nd quarter when the strict lockdowns were enforced.The company booked a net income of P758.1 million for the first 9 months of 2020, 13% lower than the P874.7 million recorded in the same period last year, due to the negative impact of the COVID-19 pandemic on operating earnings.The bank saw its earnings rise by 23% to P8.2 billion in the January-September period.
The second tranche bonds, with a principal amount of P5 billion and an oversubscription option of up to P5 billion, will be issued on November 16.Aboitiz intends to list the bonds with the Philippine Dealing and Exchange Corporation.