PSE Index Begins Week Down

The Philippine Stock Exchange index today showed weakness getting guidance from global declines to decline by 58.48 points or 0.87 percent to 6,687.85 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, May 23, 2022

Only the mining and oil stocks bucked the trend with the sub-index posting a 0.62 percent upswing on higher metal prices. The financials posted the biggest decline of 1.81 percent, followed by industrials down by 0.99 percent, services by 0.70 percent, holding firms by 0.43 percent, and property by 0.42 percent.

Value turnover was a tad above average at P6.64 billion with 72 gainers, 113 losers, and 58 shares unchanged, including Semirara Mining at P32.50 and Metrobank at P52.20. Analysts see the market to follow the bearish trend in the US market and other markets due to the Ukraine crisis.

Investors were a bit picky and many were selling on rallies to cash in their gains. Emerging most active was Converge, which was up last week. It had trades of P948 million as it dropped by 6.24 percent to P26.30 a loss of P1.75.

SM Prime followed with P515 million as it gained by 15 centavos to P37.95, while Ayala Land was the third most active stock going down by 50 centavos to P28.50.

Among the gainers were market bellwether SM Investments up P3 to P848, Globe up P44 to P2,550, AC Energy up 4 centavos to P7.10, LT Group up 64 centavos to P8.61.

The losers included Security Bank, down 75 centavos to P93.75, Jollibee down P2.40 to P210, Bank of PI down P3.50 to P94.50, PLDT down P22 to P1,960, and Ayala Corp down 50 centavos to P680.

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