PSE Index Down Anew

The Philippine Stock Exchange (PSE) index today declined anew, closing at its lowest point at 6,881.26 points, down by 55.35 points or 0.80 percent to 6,881.26 points as the volatility continued.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 7, 2023

Value turnover was just a bit higher than average with investors cashing in their gains and others betting on shares that went down.

Market bellwether SM Investments, which emerged as the most active stock, posted a gain of P5 to P915, up by 0.55 percent with trades of P383 million to push the holding firms sub-index to a 0.10 percent gain, together with the rise in the mining and oil of 0.52 percent softened the declines in the financials of 0.94 percent, industrials of 0.84 percent, services of 1.53 percent, and property of 0.95 percent.

The rise and fall of the index were very much evident in the course of trading with a high that tried to hurdle the 7,000-point level with 6,931.79 points, from an opening of 6,919 points, but which faltered later.

Ayala Land was the second most active stock with trades of P316 million followed by ICTSI with trades of P265 million with the former closing 25 centavos lower to P29.05 and the latter unchanged at P148.

Among the big gainers was Metro Pacific, which rose by 2.98 percent to P4.15, up by 12 centavos following its announcement of its 34.76 percent acquisition of Axelum Resources for P5.32 billion.

The purchase follows the conglomerate's push into food security. Axelum, however, closed lower at P3.32, down by 18 centavos or 5.14 percent on what market punters say was the "buy-on-rumor-sell-on-news axiom.

Megawide was the day's biggest gainer with a 21.10 percent upswing to P3,96, an increase of 69 centavos with trades of P129 million. The other gainers were NickelAsia , up by 14 centavos to P7.13, and Emperador, up 30 centavos to P20.85

The other losers were SM Prime, which lost 50 centavos to P37.50, BDO Unibank down a peso to P124, Bank of PI, down P1.10 to P106.90, Ayala Corp, down P5 to P710, Union Bank, down P2.25 to P90.10, Jollibee Foods, down P7 to P238, Solar Philippines, down 3 centavos to P1.50, Robinsons Land, down 2 ccentavos to P16.08, PLDT, down P43 to P1,410, and Metrobank, down 80 centavos to P58.70.

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