PSE Index Declines Further

The Philippine Stock Exchange (PSE) index today declined, further going down to a new milestone level at 6,212.39 points, down by 77.88 points or 1.24 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 22, 2023

Investors continued to shun the market during the August month phenomenon and the upcoming economic headwinds wrought by fears of an inflation spike. As the prices of gasoline and rice continue to rise, so does the mounting government debt.

Also sparking the lack of interest from local investors is the perception that the PSE is not doing enough to pump interest in the market as part of capital market development resulting in the low take up on stock market investments.

The index was down by 40.11 points during the lunch recess and the loss was padded at the close with net foreign selling of P264 million on foreign buying of P2.3 billion and foreign selling of P2.5 billion.

Only the financials posted a gain, up by 0.45 percent as BDO Unibank, the most active with trades of P412 million, went up by 80 centavos to P139, while Bank of PI, the second most active with trades of P396 million gained P1.80 to P112.90.

Both issues also had net foreign buys, with the former having P23 million, and the latter with P53 million. The third most active was SM Prime which gained 60 centavos to P30.60 on trades of P365 million.

Market bellwether SM Investments went down by P30.50 to P829.50 as net foreign selling hit P78 million out of its P240 million in trades, while Ayala Corp, had net foreign selling of PP34 million out of its P274 million in trades as it closed P5 down to P585.

JG Summit, another holding firm, also went down by P1.75 to P36.30 while ICTSI lost P8 to P205.80 on trades of P239 million, of which P97 million were foreign selling.

Holding firms posted the biggest loss with a 2.16 percent decline followed by services with a 1.96 percent decline. Mining and oil went down by 0.90 percent, property by 0.61 percent, and industrials by 1.49 percent.

Value turnover amounted to P4.7 billion with 60 gainers, 122 losers, and 40 shares unchanged.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic