PSE Index Down On Profit-Taking

The Philippine Stock Exchange (PSE) index today declined on a massive sell-off before the close as investors pocketed their gains again leading to a 69.86 points or a 0.93 percent drop to 7,432.62 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 10, 2022

Opening at a slow 6-point higher than Wednesday's close, the stocks marched to another big gain, only to be halted midway in its tracks with massive selling that saw value turnover hit P10.47 million, more than P4 billion more than the average as blue chips saw their prices surge and later hit lows.

Only the mining and oil sub-index, as well as property saw gains, up by 2.38 percent and 0.75 percent, respectively. There were 97 gainers, 101 losers, and 55 shares unchanged, with Globe emerging as the most active with trades of P833 million as it succumbed to selling, dropping by P214 to P2,818 after hitting a high of P3,002.

PLDT saw its price drop to as low as P1,902 after hitting a top price of P1,950. It closed P15 lower to P1,919.

Market bellwether SM Investments closed P22.50 lower to P940, but it had a high and low of P1,950 and 1,902, showing the volatility in its prices as investors sold their shares. The financials went down by 0.03 percent, industrials, by 0.61 percent, holding firms by 1.83 percent, and services by 1.70 percent.

The property stocks saw volatility too in their share price with Ayala Land closing at P38 for a gain of 15 centavos, but its high and low price hit P38.20 and P37.50, while SM Prime closed at P36.70, up by 45 centavos, though it hit a high of P36.95 and a low of P36.10.

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