PSE Index Declines On Cue From Foreign Markets

The Philippine Stock Exchange (PSE) index today declined on cue from foreign markets although it briefly rose before a sell-down that saw it go below its resistance level before nudging up above it closing .53 percent down or 34.14 points at 6,403.24 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 21, 2022

Holding firms and property sub-indices posted big declines pushing the index down even with the rise in financials, up 0.17 percent, industrials up 0.62 percent, services, up 0.56 percent, and mining and oil up 0.11 percent.

Holding firms went down by 0.89 percent and property down by 2.14 percent to dampen the index which hit a low of 6,364.30 points before going up on bargain hunting.

Value turnover amounted to P6.2 billion, a tad higher than average with 87 gainers, 97 losers and 40 shares unchanged.

Market bellwether SM Investments lost P23 to P836 on trades of P226 million as markets negatively reacted to the rise in COVID infections in China seen to result in lower economic growths globally.

Abacore Holdings emerged the most active stock with a 2.46 percent gain to close at P2.92, up by 7 centavos with trades of P799 million, followed by Jollibee Foods, which rose by P8 to P252, or up 3.28 percent with trades of P572 million. BDO Unibank followed with trades of P332 million as it posted a gain of 10 centavos to P129.

Among the losers were Ayala Land, which lost a hefty 5.39 percent to P28.10, down by P1.60, JG Summit, down a peso to P43.90, Universal Robina, down P1.40 to P130.50, PLDT, down P4 to P1,575, and Megaworld REIT down 2 centavos to P11.84.

The gainers included semirara mining up p1. 45 to p32, Converge, up 30 centavos to p15. 30, Ayala Corp up P4.50 to P670, Manila Water, up 80 centavos to p19, Security Bank up P1.65 to P93.60, Metrobank, up 5 centavos to P51.70, GT Capital up P5 to P438, and D.M. Consunji up 34 centavos to P9.90.

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