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PSE Index Down Anew
- By The Financial District
- Feb 17, 2023
- 2 min read
The Philippine Stock Exchange (PSE) index today declined to a new milestone level on inflation concerns and lack of catalysts, dropping to 6,779.02 points, down by 36.89 points or 0.54 percent.
Photo Insert: The Philippine Stock Exchange (PSE) Index, February 17, 2023
The market remained weak as the end of the trading week showed lower risk appetite as the Bangko Sentral's interest rate hike of 50 basis points and subsequent announcement of a higher inflation average for the year spooked the market.
Analysts said the failure of the Bangko Sentral to read the inflation data proved worrisome for investors leading to below-average value turnover at P5.67 billion with market breadth showing 56 gainers, 123 losers, and 39 shares unchanged.
Market bellwether SM Investments lost 1.46 percent with just P343 million, already topping the active column, in trades resulting in a 0.83 percent decline in holdings firms while the property sub-index lost a hefty 1.75 percent as third biggest traded SM Prime with trades of P264 million, went down by 85 centavos to P37 while Ayala Land lost 25 centavos to P29.35.
BDO Unibank was the second most active with trades of P308 million as it lost 80 centavos to P125, but Bank of PI, which cushioned the decline of the financial index with a rise of 40 centavos to P105.50, saved the index, bringing it to just a 0.02 percent drop. Security Bank and Metrobank respectively lost by 70 centavos to P96 and P1 to P60.
Industrials went down by 0.87 percent, while services gained 0.79 percent, and mining and oil up by 0.04 percent.
Among the gainers were Meralco, up by a peso to P310, Converge, up 2 centavos to P16.06, Dito CME, up 13 centavos to P3.22, Jollibee Foods, up P1.60 to P240.20, Globe Telecom, up P70 to P2,040, and Aboitiz Equity, up 30 centavos to P55.50. Alliance Global was unchanged at P13.
Among the losers were Figaro Coffee, down 7 centavos to P0.83, Monde Nissin down 18 centavos to P11.98, Robinsons Land, down 36 centavos to P15.60, Ayala Corp, down P2 to P668, Metro Pacific, down 9 centavos to P4.18, and GT Capital down P13.50 to P529.
