PSE Index Continues Slide, Still Down

The Philippine Stock Exchange (PSE) index continued its slide today, with just the financials posting a gain on bargain hunting but with value turnover still a shadow of its daily average.

Photo Insert: The Philippine Stock Exchange (PSE) Index, April 19, 2023

Investors continue to remain on the sidelines as, sans any positive news to prop up the market, it closed at just 6,446.35 points, down by 18.37 points or 0.26 percent.

Value turnover amounted to just P3.4 billion, 43 percent lower than average with 82 gainers, 88 decliners, and 51 shares unchanged.

The financials posted a gain of 0.45 percent while the others declined: industrials lost 0.05 percent, holding firms down by 0.47 percent, services by 0.42 percent, mining and oil by 1.41 percent, and property by 0.81 percent.

BDO Unibank was the day's most active with P607 million in trades as it rose by 1.25 percent to P129.50 up by P1.60 while property giants Ayala Land and SM Prime declined some more although it posted gains in the early going.

Ayala Land went down by 25 centavos to P26.15 although it had a volatile trade of a high of P26.40 and a low of P25.90 on trades of P323 million while SM Prime lost 40 centavos to P33 with a low of P32.65 and a high of P33.40 on trades of P138 million.

Market bellwether SM Investments had a volatile P904 high and a low of P891 before closing unchanged at P900 on trades of P161 million, the third most active stock. Two others in the top 20 active stocks were also unchanged, that of ICTSI at P210 and Metrobank at 58.40.

Outside of BDO, the other gainers were Bank of PI, which was up by 20 centavos to P100.20, Dito CME, which gained 5 centavos to P2.76, and Jollibee Foods, which closed P2.80 higher to P219.80.

The losers were Aboitiz Equity, down by P1.35 to P50.45, JG Summit down by 25 centavos to P48.85, PLDT down by P9 to P1,271, Premiere Island REIT, down 2 centavos to P1.48, AgriNurture down 2 centavos to P7.06, and GT Capital, down P9.80 to P480.406.

The other stocks that ended the day in the red were Universal Robina, down P1.10 to P140.90, Semirara Mining, down 20 centavos to 28, Monde Nissin, down 9 centavos to P9.25, Philex MIning, down 19 centavos to P3.14, and Ginebra San Miguel, down P1.20 to P153.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic