PSE Index Clobbered

The Philippine Stock Exchange (PSE) index today got clobbered to close 90.77 points or 1.29 percent down to 6,936.61 points as investors sold their positions with the mining and oil sub-index, a big gainer at market recess, also posting a loss.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 6, 2023

Its trades were at a faster clip in what analysts say is a harbinger of what has been dubbed as market punters catching a falling knife.

Mining and oil went down by 0.33 percent, financials by 1.21 percent, industrials by 0.79 percent, holding firms by 1.04 percent, services by 1.33 percent, and property by 1.21 percent with a value turnover of P9.95 billion, half of which were made after the market recess.

Ayala Land emerged as the most active with trades of P607 million as it declined by 10 centavos to P29.30, followed by BDO Unibank with P429 million as it lost a peso to P125, then by Bank of PI, which went down by P2.40 to 108 even with its disclosure of huge profits.

This came following the disclosure of a letter from the Securities and Exchange Commission dunning it for P134 million for a supposed violation of the Revised Securities Code.

Majority of the top 20 active stocks went down with six gainers and one unchanged, that of Jollibee Foods which ended the day at P245.

The gainers were DM Consunji, up by 28 centavos to P11.72, Megaworld , up 6 centavos to P2.32, Robinson's Land, up 36 centavos to P16.10 Solar Philippines up 12 centavos to P1.53 Converge up 10 centavos to P18 and Metro Pacific, up 6 centavos to P4.03.

Market bellwether SM Investments closed P9 lower to P910 though it hit a high of P924 that saw the PSE index flirting at the 7,000-point level as it hit a high of P6,997.46 until the sellers came in.

ICTSI lost P8 to P210, Ayala Corp down by P13 to P715, Union Bank down P3.65 to P92.35, SM Prime down 90 centavos to P38, Semirara Mining down 55 centavos to P30.25, Emperador down 15 centavos to P20.55, Metrobank down 30 centavos to P59.50, PLDT down P19 to P1,453, Universal Robina down P1.70 to P148.

There were 79 gainers, 103 losers, and 51 shares unchanged.

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