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PSE Index Continues Downtrend
- By The Financial District
- May 31, 2023
- 2 min read
The Philippine Stock Exchange (PSE) continued its downward bias with big losses for index shares.
Photo Insert: The Philippine Stock Exchange (PSE) Index, May 31, 2023
The rebalancing of portfolios by foreign investors saw value turnover hit four times the daily average as it closed below a milestone level at 6,477.36 points, down by 33.31 points or 0.51 percent.
Total trades hit P24.5 billion with the top seven active issues trading more than P1 billion each following a rebalancing of index shares with SM Prime emerging as most active with P4.5 billion as it lost 3.4 percent to P32.70, down by P1.15.
Monde Nissin followed with trades of P4.4 billion as it went down by 10 centavos to P8.10 and Ayala Corp was third most active with P2.7 billion as it lost P20 to P660.
The other stocks with big trades were PLDT with P1.67 billion as it went down by P23 to P1,200, Ayala Land with P1.59 billion as it rose by 5 centavos to P26.30, JG Summit with P1.48 billion in trades as it lost a hefty 3.32 percent to P48, down by P1.65, and BDO Unibank up by P1.70 to P136 with trades of P1.01 billion.
There were a total of 83 gainers, 94 losers, and 49 shares unchanged. Industrials were down by 0.32 percent, holding firms lower by 0.20 percent, services declined by 1.02 percent, and property was down by 1.87 percent. Financials rose by 0.44 percent and mining and oil went up by 0.01 percent.
Market bellwether SM Investments gained P18. 50 to P929 while Metrobank went up by 45 centavos to P57.60, Meralco rose by P5.60 to P327, and GT Capital gained by P7 to P516.
The other losers among the Top 20 shares were Bank of PI, down by 75 centavos to P99.95, Metro Pacific, down by 9 centavos to P4.35, Aboitiz Equity, down by 50 centavos to P54.50, ACEN Corp, down by 14 centavos to P5.86, Universal Robina down by P2.50 to P140.60, Jollibee Foods down by a peso to P517, ICTSI down by P4 to P195, Bloomberry, down by 30 centavos to P210.28, and Alliance Global, down by 8 centavos to P13.26.
