PSE Index Down Some More

The Philippine Stock Exchange (PSE) index today declined some more, dropping another milestone level down to 6,259.54 points, a loss of 42.17 points or 0.57 percent as investors chew the effect of the interest rate rises globally that will affect markets.

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

Value turnover was just a low P4.8 billion as investors opted to stay on the sidelines with the projected impact of the interest rate rises from the US Fed that had other central banks raising their own rates such as the Bangko Sentral, which pronounced a 50 basis point increase after a big 75 point US rate hike.

There were 95 gainers though on account of bargain hunting as the PSE index hit a low of 6,235.67 points while there were 92 losers and 42 shares unchanged.

The sub-indices were split with industrials up 0.45 percent, services by 0..19 percent, and mining and oil by 0.20 percent. Financials lost 0.88 percent, holding firms by 1.10 percent, and property by 0.94 percent.

Ayala Land emerged most active stock with trades of P714 million as it lost 65 centavos to P28 followed by San Miguel with P406 million as it closed unchanged at P97.65. ICTSI gained 90 centavos to P181.90 on trades of P380 million.

Market bellwether SM Investments lost P11.50 to P898, Metrobank went down by 15 centavos to P51.85, Bank of PI by 80 centavos to P93.20, BDO Unibank by P3 to P119.80, while Security Bank rose by P2 to P86.

Globe Telecom gained P32 to P2,174 while Converge rose by 22 centavos to P15.14 on its disclosure of a buyback program.

Monde was up by 40 centavos to P13.36, DMCI Holdings unchanged at P9.98 while PLDT was down by P20 to P1,620. Semirara Mining lost 5 centavos to P41, Jollibee Foods lost a peso to P236, and SM Prime was down 15 centavos to P34.05.

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