PSE Index Declines

The Philippine Stock Exchange index today declined by 38.70 points or 0.61 percent to 6,349.94 despite rising a bit at the opening and even going higher than its Monday close as investors picked bargains from the recent drop in shares due to the aftershocks of the US Fed action on interest rates.

Photo Insert: The Philippine Stock Exchange (PSE) Index, July 12, 2022

Market bellwether SM Investments and top-traded Ayala Land flirted with hefty gains in the early going and then cascaded to their lows and their closing prices.

SM, which went to a high of P837 closed at P813, down by P5.40 while ALI, which was the most active with P493 million in trades, soared to as high as P25.80 before closing at P25.25, a decline of 20 centavos.

Value turnover remained low at P4.18 billion as investors opted to watch from the sidelines until better economic news cropped up. There were 82 gainers, 105 losers, and 49 unchanged.

Among the unchanged in the Top 20 active stocks were PLDT which closed at P1,709 Alliance Global which closed at P10 and Robinson's Retail at P53.35.

Trading performance today was split with financials up by 0.75 percent, industrials by 0.31 percent, and mining and oil by 0.96 percent while the holding firms lost 1.50 percent, services by 1.03 percent, and property by 0.28 percent.

BDO Unibank gained P2.20 to P122 while Bank of PI rose by 20 centavos to P89 and Metrobank by 30 centavos to P49.70.

Among the gainers were Semirara Mining up by a peso to P38, Converge up by 15 centavos to P21.55, SM Prime up 5 centavos to P37.50, DMCI, up by 32 centavos to P9.03, Aboitiz Power upP1.20 to P31.50 and Emperador up 30 centavos to P17.80.

The losers included ICTSI, down by P5.40 to P184, Universal Robina down a peso to P117.80, and Ayala Corp, down P24 to P620.

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