PSE Index Declines

The Philippine Stock Exchange index today declined below its 7,000-point milestone level in another muted trading as foreign investors remained cautious due to the expected rise in the US Federal Reserve rate that is seen to affect emerging countries like the Philippines, to close at 6,998.59 points, down by 62.90 points or 0.89 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, April 22, 2022

Still, there was a tinge of hope in the market as investors pumped up the index buying into stocks that have been sold down to take out the huge losses after the market recess that saw the index slide to 6,959.95 points.

Also before the climactic decline, the services and the financials sub-index were pulsating with gains until they were overwhelmed by profit-takers.

All the sub-indices were in negative territory with industrials posting the biggest decline with 1.90 percent followed by property at 1.48 percent as Ayala Land and SM Prime shaved their closing prices by 20 centavos to P34.80 and by 95 centavos to P36.05.

Market bellwether SM Investments bucked the trend closing at its high point of P869, up by P4 after hitting a low of P8.58.

There were four gainers and two unchanged among the Top 20 active stocks with BDO Unibank emerging as most active with trades of P606 million with an unchanged share price at P135. The other unchanged was Phinma which closed at P19.72.

The gainers were PLDT, up by P9 to P1,900, ICTSI, up P2.80 to P225, and Aboitiz Equity, up 85 centavos to P56.85.

Among the losers were Globe, down by P84 to P2,430, Converge, down 75 centavos to P29.80, Jollibee, down P4.20 to P219.80, Nickel Asia, down 5 centavos to P8.37, Bank of PI, down a peso to P99, Metrobank, down 60 centavos to P55.40, Ayala Corp., down P24 to P756 and JG Summit, down 80 centavos to P57.

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