PSE Index Declines

The Philippine Stock Exchange (PSE) index today declined on fears arising from the hawkish US Fed policy that is seen to affect the flow of funds into emerging markets as the higher US rates would mean bigger economic problems to the rest of the world, resulting in a loss of 62.23 points or 0.92 percent to 6,690.27 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 30, 2022

All the sub-indices were down with three of them losing heavily, holding firms by 1.01 percent, services by 1.09 percent, and financials by 0.93 percent. Industrials lost 0.53 percent, mining and oil also by 0.53 percent, and property by 0.85 with value turnover a tad below average at P5.97 billion with 58 gainers, 124 losers, and 51 shares unchanged.

Only two of the Top 20 most active stocks posted gains, another was unchanged, and all the others posted declines with some above posting losses above 3 percent.

Only Monde and Jollibee Foods went up respectively closing at P16.42, up by 42 centavos and P240, up by P3, while Solar Philippines was unchanged at P1.69.

BDO Unibank was the most active stock with trades of P518 million as it lost 10 centavos to P131.40 followed by Ayala Land with trades of P362 million as it went down by 40 centavos to P28.90, and Converge which lost a big 3.51 percent to P17.96, down by 64 centavos.

ICTSI lost P2.50 to P184 while Ayala Corp declined by P13 to P707. Bank of PI went down by P2.55 to P94 while Security Bank lost 55 centavos to P91.35.

The other losers were Abacore Holdings down by 2 centavos to P2.19, market bellwether SM Investments, down by P3.50 to P875, PLDT, down by P11 to P1,700, SM Prime down 15 centavos to P36.90, Meralco, down P2.80 to P311, Emperador, down 60 centavos to 19.90, Globe, down P20 to P2,200, and Universal Robina down P3.40 to P122.90 and Bloomberry Resorts, down 16 centavos to P7.09

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