By The Financial District
Dec 11, 20232 min
The Philippine Stock Exchange (PSE) index closed slightly lower at 6,228.29 points today, a decrease of 6.48 points or 0.10 percent.
The Philippine Stock Exchange (PSE) Index, December 11, 2023
Despite this, the market managed to recover from significant losses earlier in the session, particularly driven by the rebound of market bellwether SM Investments, shifting from red to green. SM Prime also regained losses, contributing to the rise in the holding firms and property sub-indices.
The day began with a sell-down in blue chips, resulting in losses across all sub-indices.
However, as the market closed, bargain hunters entered, leading to a rise in SM Investments and SM Prime.
SM Investments reached a low of P820 before closing at P835, marking a P9 gain, while SM Prime, hitting a low of P32.20, closed at its high of P32.70 for a 5-centavo gain. Consequently, holding firms rose by 0.75 percent, and property by 0.66 percent.
Financials bore the brunt of the sell-down, experiencing a 1.95 percent loss, while industrial lost 0.28 percent, services were down by 0.24 percent, and mining and oil declined by one percent.
BDO Unibank and Bank of PI were the most active and second most traded stocks of the day, with turnovers of P710 million and P454 million, respectively. BDO Unibank closed 2.76 percent down at P123.40, a loss of P3.50, while Bank of PI closed at P99.50, down by P2.40 or 2.36 percent.
Security Bank dropped by 75 centavos to P69.10, Metrobank remained unchanged at P51.45, Globe Telecom decreased by P11 to P1,718, and Converge lost 23 centavos to P7.73. On the positive side, PLDT was up by P13 to P1,265, while ICTSI remained unchanged at P229.
Ayala Land, the third most active stock with trades of P305 million, increased by 55 centavos to P31.95.
The total value turnover amounted to P4.05 billion, with 64 gainers, 118 losers, and 48 shares unchanged. Foreign buying reached P2.14 billion, and foreign selling hit P2.17 billion, resulting in a net foreign selling of P32.8 million.
Among the gainers were Ayala Corp, up by P8, closing at P648, JG Summit rose by 10 centavos to P37.90, Alliance Global increased by 12 centavos to P9.90, Robinsons Land rose by 2 centavos to P15.08, Semirara Mining increased by 10 centavos to P28.80, and Bloomberry rose by one centavo to P9.61.
Losers included GT Capital, down by P12.50 to P544.50, Aboitiz Power, down by 10 centavos to P37.80, Aboitiz Equity, down by 15 centavos to P47.95, Megaworld, down by a centavo to P1.98, ACEN Corp, down by 14 centavos to P4.46, Philex Mining, down by 5 centavos to P3, Apex Mining, down by 10 centavos to P2.80, and Converge, down by 23 centavos to P7.73.