PSE Index Back In The Red

The Philippine Stock Exchange (PSE) index today declined back to 6,364.97 points, down by 45.12 points or 0.70 percent as investors immediately cashed in their gains, selling their holdings at their highs, resulting in many issues posting losses after peaking.

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

Save for services, which went up by 0.26 percent, all other sub-indices were down. Consequently, uncertainty pervaded again, though the new support level is now at 6,330 points after the old support level of 6,500 points was punctured two trading days ago.

The resistance remains pegged at 6,750.

Financials lost 0.23 percent, holding firms went down by 1.64 percent, industrials by 0.84 percent, property by 0.15 percent, and mining and oil by 0.92 percent. Value turnover remained below average at P4.5 billion with 74 gainers, 95 losers and 62 shares unchanged.

Among the losing stocks that enjoyed high price points before the profit-taking ensued were Emperador, down by 10 centavos to P21.10, although it had a high of P21.30, Globe Telecom, which lost P8 to P1,910 after a high of P1,918, Metrobank, down by 5 centavos to P57.15 after a high of P57.40.

JG Summit was unchanged at P39.20 but it had a high of P40.35, while Semirara Mining was also unchanged at P32 but it went up to 32.25.

Ayala Land emerged as the most active stock with P640 million in trades as it ended unchanged at P30, while SM Prime with trades of P572 million lost 10 centavos to P30.30. ICTSI rose by P3.80 to P215.80.

Market bellwether SM Investments declined further by P25.50 to P860.50 while Jollibee Foods lost 80 centavos to P250, Ayala Corp lost P6.50 to P593, PLDT down P6 to P1,228, and Universal Robina, down P5 to P119.90.

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