PSE Index Drops Below Support Level

Bearish sentiment rocked The Philippine Stock Exchange (PSE) index today as it closed below its support level, closing at its lowest point, 7,167.06, lower by 70.55 points or 0.98 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, December 21, 2021

Market players see the succeeding days as crucial to whether the market will have its Christmas rally seen when the index surges to 7,400 points although there are bearish sentiments with the economic backlash that hit the Cebu, Bohol and Siargao, seen as harbingers of tourism dollars should the COVID-19 pandemic dissipates.

There were 75 gainers though against 106 losers indicative of the entry of bargain hunters that saw Philex up by 5 centavos to p4.70, Solar up by 4 centavos to p1.15, Dito CME up by 11 centavos to p5.29, Converge up 10 centavos to p32, and Systems Grid up 30 centavos to p13.26. Value turnover was just at an average of p6.8 billion

All sub-indices posted losses with the financials hard hit, down by 1.55 percent as BDO Unibank and Bank of PI respectively lost P3.40 to p123.60 and p2.50 to p92.10. Holding firms lost 0.68 percent, industrials by 0.74 percent, services by 0.82 percent, mining and oil by 0.05 percent, and property by 0.84 percent.

Alliance Global was the most active with p1.4 billion in trades as it closed 24 centavos higher to p12, followed by Jollibee with p507 million in trades which was down by p5.20 to p208.80, then by Metrobank, which closed 5 centavos higher to p52.95 on trades of p412 million

Market bellwether SM Investments declined by P9 to p971 while SM prime went down by 30 centavos to p35 and Ayala Land lost 40 centavos to p34.50.

WEEKLY FEATURE : MVP Keeps Lights On During Pandemic