PSE Index Cools Down

The Philippine Stock Exchange (PSE) index today cooled down though it remained at its milestone level of 6,756.69 points, down by 33.55 points or 0.49 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, January 10, 2023

Save for the services sub-index, which rose by 0.78 percent, all others were in the red, with financials down by 1.09 percent, industrials by 1.16 percent, holding firms by 0.08 percent, mining and oil by 0.76 percent, and property by 1.14 percent.

Primed up for a possible piercing of the resistance level at 6,850 points after a big surge Monday, the index cooled down with investors taking profits as the market opened at 6,783.40 points dropping by 43 points before the close.

Value turnover though was a huge P20.6 million on the block sale of Bank of PI shares aligned with the transaction involving the Gokongwei-owned Robinsons Bank that amounted to P14.7 billion. There were 86 gainers, 101 losers, and 61 shares unchanged.

Market bellwether SM Investments emerged as the most active stock with P537 million as it went up by P3.50 to P903.50, followed by BDO Unibank, which declined by P1.50 to P110.90 on trades of P461 million. PLDT was the third most active, rising by another P21 to P1,433 with P417 million in trades.

ICTSI hit a new high of P203 as it gained P5 while Converge was unchanged at P18, and Globe Telecom was down by P18 to P2,114.

Property giants SM Prime and Ayala Land declined respectively by 25 centavos to P37.25 and 70 centavos to P30. Metro Pacific was up by 28 centavos to P3.88, and JG Summit rose by 10 centavos to P56.20, while Semirara Mining was unchanged at P35.90.

Among the losers were Jollibee Foods, down a peso to P241, Bank of PI, down by P1.50 to P104.50, ACEN Corp, down by 30 centavos to P7.30, Metrobank, down by 20 centavos to P57.20, Monde, down by 18 centavos to P12.30, and Apollo Global by 0.004 to P0.035.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic