PSE Index Begins June Still Down

The Philippine Stock Exchange (PSE) index today continued its downward trend, closing lower by 46.78 points or 0.72 percent to 6,430.58 points, index-heavy holding firms posting the biggest loss of 1.67 percent, negating gains in financials, services, and mining and oil.

Photo Insert: The Philippine Stock Exchange (PSE), June 1, 2023

Market bellwether SM Investments went down by 2.05 percent to P910, down by P19 while Ayala Corp lost P15 or 2.27 percent to P645, emerging as the second most active stock with trades of P449 million.

BDO Unibank was the most active with P549 million as it added a peso to PP137 while third most active was SM Prime which lost 20 centavos to P32.50 with trades of P433 million.

Financials went up by 0.03 percent, services by 0.68 percent and mining and oil by 0.32 percent while the losers were property down by 0.85 percent and industrials by 0.55 percent. Value turnover was at P5.4 billion, with 105 losers, and 50 shares unchanged.

The market closed at its lowest price point indicating the continued downtrend bias as investors remained unconvinced about any market upswing although the support level is still at 6,350 points which when pierced will see bearish sentiment.

Still, market analysts believe that the PSE index will hit the 7,000-point level and up within the year absent any financial contagion from the US bank closures.

Among the losers were Monde Nissin, down by 12 centavos to P7.98, Ayala Land, down by 45 centavos to P25.85, Jollibee Foods, down by P5.20 to P230.40, a loss of 2.21 with its previous disclosure on the closure of a brand, Universal Robina, down by 10 centavos to P140.50, Meralco, down by P4.40 to P322.60 and Aboitiz Equity, down by P2.10 to P52.40.

The gainers among the Top 20 active stocks were PLDT, up by P9 to P1,209, ICTSI, up by P6 to P201, Bank of PI, up by 5 centavos to P100, AgriNurture, up a centavo to P7.36, Metro Pacific, up by 2 centavos to P4.37, Century Pacific, up by 35 centavos to P23.70, Alliance Global, up by 12 centavos to P13.38, and ACEN Corp, up by 12 centavos to P5.98.

JG Summit and Globe Telecom were unchanged respectively at P48, P1,700.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic