PSE Index Declines

The Philippine Stock Exchange (PSE) index today posted a big decline although it scraped bottom in mid trade as investors went on sell down mode affecting share prices to close at 7,011.11 points, down by a hefty 74.41 points or 1.05 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, January 7, 2022

Only two of the top 20 stocks posted gains as the omicron variant brought fear into investors' minds, prompting them to sell shares that saw the aforementioned scraping the bottom before bargain hunters came in. The index went down to a low of 6,978.08 points after opening high.

AC Energy, the most active stock with p625 million in trades saw its share price drop to a low of p9.06 after opening at p9.60 and going up by another four centavos. It closed 32 centavos down to p9.33.

Market bellwether SM Investments hit a low of p9.32 before nosing up to p937, lower by p10, while Ayala Land, the second most active stock closed at p33.85, down by 1.05 - not after going down to p33.70 after a big opening of p34.55 and a high at 10 centavos more.

All sub-indices were in big declines with the mining and oil and property sectors losing respectively by 1.70 percent and 1.76 percent. Financials lost 0.41 percent, industrials, by 1.07 percent, holding firms by 0.94 percent, and services by 0.72 percent.

Value turnover was a low p5.84 billion with losers overwhelming gainers 136 to 51 with 46 shares unchanged.

Only ICTSI and Globe survived the sell down as they closed respectively higher by 50 centavos to p194 and p10 to p3, 270. BDO Unibank and Metrobank were unchanged at p127 and p53. 50, while Security Bank lost a hefty 4.5 percent or p4.90 to p104.10 as investors dumped the bank shares.

WEEKLY FEATURE : MVP Keeps Lights On During Pandemic