PSE Index Down

The Philippine Stock Exchange (PSE) index today declined with the financials sub-index contributing to the loss, a knee-jerk reaction to the unraveling in the US of the banking industry.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 20, 2023

The closure of two regional banks and the edgy move to prop up Credit Suisse led to a loss of 18.70 points, a decline of 0.29 percent to 6,451.02 points.

But the fact that the property sub-index, which was the only gainer at market recess, was joined by the mining and oil sub-index at the close with a positive performance, provided a breather to what could have been a battering as financials lost 1.65 percent, industrials by 0.04 percent, holding firms by 0.15 percent and services by 0.0.38 percent.

Property rose by 0.86 percent while mining and oil gained 0.02 percent at the end of trading to provide a euphoric moment for the stock market as it gravitated to a low of 6,389.48 points.

ICTSI emerged as the most active stock with trades of P565 million as it lost 10 centavos to P197.90 while Globe Telecom was second most active with P424 million as it rose by P5 to P1,745 while BDO Unibank, with trades of P357 million, keeled over to a loss of 4.78 percent as it closed at P121.50, down by P6.10.

The decline in the financials was tempered by the rise in Metrobank to P58, up by 60 centavos, Bank of PI, which went up by 30 centavos to 101.50, and Security Bank, which was unchanged at P93.

Among the big gainers were Aboitiz Equity, which went up by 5.68 percent to P53.95, up by P2.90 on its disclosure of its entry into the cold storage business, and ACEN Corp, which went up by 5 centavos to P5.95 on its Australian solar power project.

Solar Philippines also went up by 4.38 percent or 7 centavos to P1.67 while SM Prime was unchanged at P34. Its competitor, Ayala Land was up by 80 centavos to P27. Other gainers were Meralco, up by P5 to P309, EastWest Bank up 14 centavos to P7.20 and Megaworld up 4 centavos to P2.

Value turnover was below average at P5.63 billion with 73 gainers, 99 losers, and 55 shares unchanged.

Among the losers were GT Capital, down P9 to P486, Ayala Corp by P5 to P605, market bellwether SM Investments by P13.50 to P883.50, Metro Pacific by 3 centavos to P3.67, PLDT by 4 to P1,306, D.M. Consunji by 4 centavos to P11.58, and NickelAsia by 11 centavos to 6.40.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic