The Philippine Stock Exchange (PSE) index today plunged below a milestone level in what analysts see as a falling knife, a worrying rise in value turnover amid a hefty decline in prices.
Photo Insert: The Philippine Stock Exchange (PSE) Index, August 31, 2023
The two-day gains were all but erased as the market closed at 6,175.25 points, down by 120.04 points or 1.91 percent.
Value turnover amounted to P9.75 billion, 50 percent above average as the Top 10 heavily traded stocks posted significant declines save for one, that of Bank of PI which gained P2.10 to P110 on trades of P517 million.
Ayala Corp, which emerged the most active with P2.24 billion, saw its share price hit a high of P619.50 and a low of P597 before closing unchanged at P616.
Property giants SM Prime and Ayala Land traded P760 and P550 million, respectively, with the former losing 3.15 percent to P29.20, down by 95 centavos, and the latter losing a much higher 5.40 percent as it closed P1.55 lower to P27.15.
BDO Unibank lost 2.59 percent to P139.30, down by P3.70 while PLDT dropped by 4.44 percent to P1,150, down by P53.
Market bellwether SM Investments had a volatile run, going up to P852 after a quiet opening at P839 and then plummeting to P832 before closing at P833, down by P11. Aboitiz Power bucked the trend as it went up by 50 centavos to P35.70 after its disclosure of a buy-back program using its internally generated funds.
Megawide also went up by 2 centavos to P3.19 while Emperador gained 5 centavos to P20.90.
The other gainers included Alliance Global, up by 4 centavos to P12.50, EastWest, up by 10 centavos to P7.38, First Holdings, up by 10 centavos to P63.10, PNB, up by 2 centavos to P18.34, and Metrobank, up by 20 centavos to P55.20.
Robinsons Land REIT went down by a hefty 7.78 percent to P4.86, down by 41 centavos on trades of P312 million, the 10th most active stock, while ICTSI lost P5.60 to P207.20, and Universal Robina went down by P7.30 to P111.70.
Other losers were Globe Telecom, down by P12 to P1,802, Converge, down 73 centavos to P7.77, Semirara Mining, down by 50 centavos to P32, Bloomberry Resorts, down by 34 centavos to P11.06, Meralco, down by P5.40 to P343.60 and Aboitiz Equity, down by 95 centavos to P47.
Property suffered the biggest losses, down by 3.48 percent followed by services down by 2.07 percent, industrials by 1.91 percent, holding firms by 1.57 percent, and financials by 0.32 percent. Mining and oil gained 0.01 percent.
There were 71 gainers, 104 losers, and 47 shares unchanged. Net foreign selling amounted to P1.84 billion.
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