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PSE Index Down On Big Drop Of Wall Street
- By The Financial District
- Jan 19, 2023
- 2 min read
The Philippine Stock Exchange (PSE) index today declined on a big drop in the US market on the uncertainty over the US Fed's move on interest rates seen to impact the Philippine market, leading to a 32. 85-point loss or 0.46 percent to 7,062.01 points.
Photo Insert: The Philippine Stock Exchange (PSE) Index, January 19, 2023
Financials lost 1.03 percent, industrials went down by 0.49 percent, holding firms, by 0.05 percent, and property, by 0.54 percent. Services gained 0.17 percent while mining and oil was up by 1.59 percent.
BDO Unibank was the most active stock with trades of P655 million as it declined by 90 centavos to P122.70, followed by market bellwether SM Investments with trades of P383 million as it lost P3.50 to P930.50 despite a high of P935.50, and Jollibee Foods was third most active stock with P338 million as it closed P2 lower to P248.
The local market was affected by the huge loss in the US Dow Jones, which went down by 613 points on the uncertainty over the US Fed's possible move on interest rates with the US labor market and other economic indicators still hazy.
Such factors make it difficult for analysts to predict the action the US Fed will make on interest rates to arrest the inflationary spiral rocking the economy for the first time in 40 years.
But even with the PSE Index's loss, gainers were ahead of losers, 107 to 83 with 53 shares unchanged as investors remain optimistic over the local market with analysts seeing the index breaching the 7,500-point mark.
Value turnover amounted to P7.02 billion, up by a billion pesos from its average on the bullish momentum that was unleashed last Friday with the index going up to the 7,000-point level.
Port operator ICTSI went down by P3.60 to P218, and Ayala Land declined to P32, down by P32, while SM Prime was unchanged at P38.30. Converge was up by 2 centavos to P19.02, while ACEN Corp rose by 23 centavos to P7.11, and D.M. Consunji went up by 24 centavos to P13.
