PSE Index Down

The Philippine Stock Exchange (PSE) index today declined on profit-taking, losing two-thirds of its gains Tuesday to close at 6,525.16, down by 149.22 or 2.24 percent as expectations of a higher interest rate loomed with a possible change in the US Fed rate on new economic realities.

Photo Insert: The Philippine Stock Exchange (PSE) Index, December 7, 2022

Market analysts see a change in what had been perceived dovish stance of the US Fed that has apparently changed with the change in the jobs report indicating a heating in the economy.

The change will also result in a resetting in the Philippine interest rate scenario as the Bangko Sentral attempts to similarly up its rate which would with the announced higher inflation number of 8 percent will mean higher rates.

Financials lost 1.98 percent, industrials down by 1.57 percent, holdings firms declined by 2.61 percent, and property by 3.34 percent while services gained 0.61 percent and mining and oil by 0.84 percent. Value turnover p6. 04 billion with 68 gainers, 104 losers, and 47 shares unchanged.

ICTSI emerged as the most active stock with trades of P562 million as it closed at P190, up by P1.60, followed by Universal Robina with trades of P475 million as it went down by P3.60 to P134.40, and by BDO Unibank with trades of P459 million, which closed P2.60 lower to P129.

Market bellwether SM Investments lost P33 to P910 while Converge was unchanged at P16.

PLDT was up P31 to P1,700, Globe Telecom, down by P20 to P2,182, Jollibee Foods, down by P9.60 to P237, SM Prime, down by 1.70 to P34.70, and ACEN Corp, which went down by 16 centavos to P7.45.

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