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PSE Index Declines Further
- By The Financial District
- Jul 15, 2022
- 2 min read
The Philippine Stock Exchange index today declined further with shares of stock with big foreign investments going down by as much as more than 5 percent as the peso goes down some more vis-a-vis the dollar, resulting in a 52.87 points or 0.85 percent drop to 6,195.26 points.
Photo Insert: The Philippine Stock Exchange (PSE) Index, July 15, 2022
Only six shares posted gains out of the Top 20 most active stocks with Ayala Land, which had trades of P795 million getting battered on the downgrade to underweight by J.P. Morgan resulting in a big decline of 5.25 percent or P1.25 to P22.55 while ICTSI, another listed issue with huge foreign investors, lost 3.81 percent as it closed P7.10 lower to P179.40.
BDO Unibank, another issue with a big chunk of foreign investments closed P2.30 down or 1.87 percent to P120.70.
Market bellwether SM Investments, also had foreign investors unloading their shares on account of the weakening of the peso which reduces the amount of the dollar value of their transactions.
With the decline in the peso's value vis-a-vis the dollar, foreign investors selling their positions will have lower dollar values on the shares they own.
Industrials was the lone sub-index that bucked the sell-downs as it went up by 0.45 percent while the mining and oil sub-index had the biggest loss at 3.19 percent followed by services, down 1.93 percent, financials down by 1.30 percent, property down by 1.11 percent and holding firms down by 0.60 percent.
Value turnover amounted to P5.64 billion, still shy of the P6 billion average turnover.
The six gainers were SM Prime, up by 30 centavos to P37, Monde, up 14 centavos to P14.10, Meralco up by P9 to P363, JG Summit, up a peso to P51, Jollibee up P3.20 to P216, and GT Capital up P2 to P442.
Nickel Asia 36 centavos or 6.61 percent to P5 while Semirara Mining went down by 90 centavos to P38.10. Ayala Corp lost 4.88 percent or P29.50 to P575.50 while PLDT went down by P9 to P1,691, and Converge was down a peso to P20.25.
