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PSE Index Crumbles Below Milestone
- By The Financial District
- Jun 6, 2023
- 2 min read
The Philippine Stock Exchange (PSE) index today crumbled below a milestone level, driven in part by the continued uncertainty on the economic front, with two of the sub-indices posting gains to close 41.71 points down or 0.64 percent to 6,479.33 points.
Photo Insert: The Philippine Stock Exchange (PSE) Index, June 6, 2023
Market bellwether SM Investments lost a hefty 2.48 percent to P905, down by P23 with foreign investors opting out to lead the holdings firms to a 1.32 percent loss, the biggest loss among the decliners.
It opened at P928 and hit a low of P903 before closing a fluctuation higher and was the second most active with trades of P339 million after BDO Unibank which also went down by 2 percent to P135.30, down by P2.80 with trades of P518 million.
The third most active was property giant SM Prime which went up by 60 centavos to P33.50 leading the property to a rise of 0.93 percent.
Financials went down by 0.76 percent, industrials by 0.90 percent, services by 0.09 percent, and mining and oil was up by 0.13 percent. Trades amounted to a total of P3.8 billion, as against the average of P6 billion, with 70 gainers, 109 losers, and 49 shares unchanged.
Analysts see the market to recover to above 7,000 points by the fourth quarter and meanwhile, it is seen to trade sideways up to the third quarter in the absence of a solid foundation for economic growth.
The gainers were Bank of PI, up by P1.30 to p102, Metro Pacific up by 2 centavos to P4.46, ICTSI up by P2 to P201, JG Summit, up by a peso to P49, and Greenergy Holdings, up by 3 centavos to P1.22.
The losers were Ayala Corp down by P15 to P655, Monde Nissin down by 8 centavos to P8.12, Jollibee Foods down by a peso to P231, PLDT down by P9 to P1,229, Bloomberry down by 10 centavos to P10.60, Wilcon Depot, down by 10 centavos to P26.50, and Metrobank, down by 65 centavos to P56.85.
Universal Robina was also down as it slid by P4 to P144, Manila Water, down by 10 centavos to P8.10, and ACEN Corp, down by 5 centavos to P5.98. Ayala Land and Alliance Global were both unchanged respectively at P25.90 and P14.
