PSE Index Down Some More

The Philippine Stock Exchange (PSE) index today declined some more and even cascaded to a big loss, down two milestone levels in mid-trading before nosing up a bit to just sport an 86.03- point loss or 1.28 percent to 6,618.38 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 23, 2022

With the peso losing steam vis-a-vis the dollar to go back at the plus P56 level, and with the US Fed indicating hawkish moves to arrest the inflationary spiral in the US, investors dumped their shares resulting in losing stocks almost three times more than gainers, 151 to 37 with 40 shares unchanged.

Only one share survived the rout and posted a gain, Bank of PI which added P1.55 to close at P93.90, while two others were unchanged -- Universal Robina at P124 and Solar Philippines at P81.62--as the remaining 17 of the Top 20 active stocks were down at the close of trading.

Investors were unnerved at the peso decline, after it recovered last week at less than P56 to the dollar, resulting in the index going down to as low as 6,591.83 points before bargain hunters came in to bring the index back to the 6,600 level.

Property firms posted huge declines as the projected higher interest rates on loans were feared to result in missed amortizations for purchased properties.

SM Prime was the most active with trades of P633.5 million with its share price down by 35 centavos to P36.20 while the second most active, Ayala Land declined by a higher 3.63 percent or P1.05 to close at P27.85. Robinsons Land also lost 22 centavos to P19.28.

All the sub-indices were down with financials losing 0.08 percent, industrials by 1.10 percent, holding firms by 1.63 percent, servicers by 1.19 percent, mining and oil by 2.89 percent, and property by 1.84 percent.

BDO Unibank lost P1.50 to P125, Security Bank by 35 centavos to P88.50, and Metrobank by 10 centavos to P52.

Market bellwether SM Investments closed P8 lower to P842 but it hit a low P10 lower while Emperador went down by 80 centavos to P20.70. PLDT and Converge declined respectively by P35 to P88.50 and 40 centavos to P18.80.

Globe was unchanged at P2,300 but its trade of just P76 million did not make it to the Top 20 active stocks.

The other losers were Puregold, down 85 centavos to P34.90, Ayala Corp, down P17 to P719.50, Philex Mining which lost a hefty 6.86 percent or 24 centavos to P3.26, System Grid, down 14 centavos to P13.22, Jollibee Foods, down P2 to P231, 8, Aboitiz Equity, down P1.50 to P56 and GT Capital, down P15 to P490.

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