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PSE Index Down Anew
- By The Financial District
- Jun 17, 2022
- 2 min read
The Philippine Stock Exchange index today declined as bearish sentiments ruled the market with value turnover double the average showing the extent of the sell-down as it closed at 6,331.56 points, down by 61.45 points or 0.96 percent.
Photo Insert: The Philippine Stock Exchange (PSE) Index, June 17, 2022
Only the services sub-index squeaked through with a gain, up by 1.74 percent, as investors immediately dumped their shares after the opening of trade that freaked out the market as it cascaded to a low of 6,273.73 points before nosing up on bargain hunting at the close.
Value turnover amounted to p11. 713 billion with 133 losers, 57 gainers, and 45 shares unchanged with the financials down 1.17 percent, industrials by 1.65 percent, holding firms by 1.90 percent, mining and oil by 0.83 percent, and property by 1.24 percent.
The debacle hit hard SM Prime where P5.68 billion was traded to top the field as it lost 15 centavos to P37.75. ICTSI was the second most active stock with trades of P561 million as it gained P8.50 to P194.90.
Market bellwether SM Investments dropped by 3.03 percent or a hefty loss of P24.50 as it closed at just P785, a new low, while PLDT bucked the trend with its share price lifted by a big gain of P104 or 5.91 percent to P1,864.
The four other gainers were Universal Robina, up by 80 centavos to P97.80, Ayala Corp by P1.50 to P640, Metrobank by 15 centavos to P50.55 and Metro Pacific by 2 centavos to P3.63.
The bearish sentiment in the market arose from the continued uncertainty in the global market arising from the Ukraine crisis that resulted in the higher energy and food prices outside of the logistical constraints that have already rocked even the peso-dollar rate.
But the fact that the PSE index has dropped to the 6,200 level shows the extent of the uncertainty gripping the market that saw Converge decline by 4.05 percent to P20.15, a loss of 85 centavos, Jollibee, down 4.10 percent or P8.20 to P192, Wilcon Depot down by 4.90 or P1.20 to P23.30, Monde down 4.57 percent or 64 centavos to P13.36, and PhilWeb down 2.08 percent or 10 centavos to P4.70.
