Profit-Taking Leads To PSE Index Drop

The Philippine Stock Exchange (PSE) index today declined on profit-taking after last week's rally that brought it to a recent high, to close 74.03 points or 1.12 percent lower to 6,550.76 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, July 17, 2023

All the sub-indices were in the red, dashing the hopes of market participants that bullish momentum is at hand with value turnover just half of the daily average at P2.98 billion. The market opened lower than its Friday close and hit just a high of 6,610.89 points before ascending to its lowest price point at the close.

Holding firms posted the biggest loss of 1.67 percent as market bellwether SM Investments went down by 2.27 percent to P925, down by P21.50.

Financials declined by 0.81 percent, industrials by 0.70 percent, services dropped by 0.43 percent, mining and oil lost 0.33 percent and property by 0.31 percent.

Bank of PI was the most active with P249 million in trades as it gained a peso to P116 while BDO Unibank lost P3 to P144. 80 on trades of P205.9 million. Meralco was third most active with P205.6 million as it went up by P9.60 to P349.60.

PLDT and Emperador were both unchanged at P1,305 and P21 respectively while Jollibee Foods declined by P4.20 to P250. ICTSI lost P4 to P205, Aboitiz Power went down by P1.10 to P36.65, and Aboitiz Equity lost by P2.20 to P53.70.

Ayala Corp dropped by P3 to P611, GT Capital, down by a peso to P519, Metro Pacific, down 1 centavo to P4.92, SM Prime, down by 15 centavos to P32.80, and Union Bank, down P1.60 to P72.

Apart from BPI, the only other gainers were Greenery Holdings, which went up by P0.01 to P0.56, and Wilcon Depot, which rose 50 centavos to P24.50.

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