PSE Index Bounces Back

The Philippine Stock Exchange (PSE) index today went up a tad higher at 6,615.95 points, up by just 12.39 points or 0.19 percent, but not after scouring the depths, losing more than 113 points at mid-trade as investors' cautionary moves were very much evident.

Photo Insert: The Philippine Stock Exchange (PSE) Index, May 24, 2023

Value turnover was about half of average trading in what analysts said is a precursor of things to come for the market.

Market bellwether SM Investments and Ayala Corp nudged the holdings firms that with the rise also of industrials, led to the smallish increase as all the four other sub-indices posted losses.

SM Investments went up by P9 to P929 while Ayala Corp gained P18 or 2.64 percent to P699 to emerge as the most active stock with P448 million in trades followed by SM which had trades of P403 million.

BDO Unibank was the third most active stock with trades of P300 million as it lost P1.90 to P136. Financials went down by 0.16 percent, services by 0.29 percent, mining and oil by 0.76 percent, and property by 0.54 percent. Value turnover amounted to P3.7 billion with 101 losers, 68 gainers, and 50 shares unchanged.

Analysts see the market in a sideways movement with a bias to a decline as the uncertainty over the economic upheaval from the big losses of global banks following the collapse of regional banks in the United States plays out.

For the Philippines, though, the Fitch Rating's glowing take on the economy plus the pause in the interest rate hike is a positive sign.

Among the gainers were Ayala Land, up by 30 centavos to P26.40, Jollibee Foods up by a peso to P230, ICTSI up by 80 centavos to P201.40, Bank of PI up by P2 to P105, Monde Nissin up by 2 centavos to P8.56, Petron Corp up by 10 centavos to P3.98, and Globe Telecom up by P2 to P1,720.

The losers in the Top 20 active stocks include SM Prime down by 50 centavos to P34, PLDT down by P19 to P1,259, DNL Industries, down by 15 centavos to P7.45, Bloomberry down by 10 centavos to P11, AgriNurture down by 3 centavos to P7.35, Converge down by 20 centavos to P11, Metrobank down by 20 centavos to P59.30, LT Group down by 9 centavos to P9.90, and Century Pacific down by 65 centavos to P24.90.

Robinsons Retail was unchanged at P52.

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