PSE Index Declines

The Philippine Stock Exchange index today declined by 90.94 points or 1.59 percent down to 6,777.98 points with losers more than double gainers but with value turnover just half of the average as inflation fears rocked the market as uncertainty subsists anew.

Photo Insert: The Philippine Stock Exchange (PSE) Index, May 6, 2022

Save for the services sub-index which rose on a hefty rise in ICTSI, which went up by 4.64 percent on its 58 percent income gain to P220.80, all other sub-indices posted losses.

Services went up by 0.58 percent while Financials lost 0.20 percent, industrials by 1.21 percent, holding firms by 2.24 percent, mining and oil by 1.64 percent, and property by 2.29 percent.

Market bellwether SM Investments emerged most active stock with trades of P500.3 million as it went down by 2.79 percent to P837, down by P24, followed by Ayala Land, which closed 5 centavos lower to P32.50 on trades of P295 million, and BDO Unibank which gained 10 centavos to P129.10.

Value turnover amounted to just P3.6 billion, with 50 gainers, 116 losers, and 46 shares unchanged.

Market analysts see a further decline with the inflation spike that is seen to cramp borrowing costs of businesses. Also hurting the market is the Ukraine crisis that has led to supply chain disruptions and a rise in oil prices.

Globe advanced by P48 to P2,436 while PLDT declined by P48 to P1,948.10, and Converge was down by 70 centavos to P29.30.

Among the losers were Ayala Corp, which lost P9 to P738, SM Prime, down by P1.35 to P35.65, GT Capital, down by P7.50 to P507, Bank of PI, down a peso to P96, and Emperador, down 11 centavos to P19.94.

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