Profit-Taking Drags Down PSE Index

The Philippine Stock Exchange (PSE) index experienced a decline today as profit-taking activities prevailed.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 12, 2023

The sell-off occurred before the market closed, and the index was unable to sustain the gains made during the market recess. At the recess, it had risen by only 7.58 points, closing at 6,230.20 points, ultimately dropping by 3.54 points or 0.06 percent.

Holding firms, which were up by 0.02 percent at the market recess, closed down by 0.53 percent.

Services, which had only experienced a 0.10 percent decline during the recess, ended the day with a 1 percent decrease.

In contrast, mining and oil, which had been up by 0.95 percent during the recess, closed with a 1.19 percent increase. Industrials went up by 0.34 percent, while the property sector lost 0.09 percent.

Financials rose by 0.85 percent, driven by increased share prices of BDO Unibank and Bank of PI, which were the most actively traded stocks with respective trades of P416 million and P296 million.

BDO increased by P1.10 to P132.60, while BPI rose by P1.60 to P107.50. Metrobank was down by 5 centavos to P54.80, and Security Bank lost 25 centavos to P78.55.

The total value turnover amounted to just P3.9 billion, with 79 gainers, 95 losers, and 61 shares remaining unchanged. The slight decline in the index was primarily due to profit-taking activities following the resumption of trading after the market recess.

Market bellwether SM Investments closed the day down by P5 at P825, despite reaching a high of P825. JG Summit ended 90 centavos lower at P38.20, despite hitting a high of P39.10. Globe Telecom lost P5 to P1,781, although it reached a high of P1,809.

ICTSI was the third most active stock with trades totaling P220 million. It closed P2 down at P209 but had reached as high as P212.80. Ayala Land decreased by 30 centavos to P28.25 but had a high 70 centavos higher.

PLDT lost P23 to P1,172, GT Capital remained unchanged at P590, ACEN Corp decreased by 19 centavos to P4.72, while Aboitiz Power closed 30 centavos lower at P33.45 but had reached a high of P33.90.

Semirara Mining increased by 45 centavos to P34.10, while SM Prime gained 20 centavos to P30.35. Ayala Corp rose by P2 to P625.

Aboitiz Equity increased by 30 centavos to P48.40, NickelAsia increased by 7 centavos to P5.16, Converge rose by 7 centavos to P8.27, while Bloomberry remained unchanged at P11.30.

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