PSE Index Drops Below Support Level

The Philippine Stock Exchange index today dropped below its second support level as it nosedived almost 3 percent in a disastrous closing of the week that does not bode well for the market, closing at 6,731.25 points, a hefty decline of 178.20 points or 2.58 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, April 29, 2022

Market bellwether SM Investments was ironically the most active stock with trades of P1.012 billion as it closed P8.50 lower to P851. 50 in what analysts said is a prelude to market reaction to the impact of a hawkish Federal Reserve board policy to rein in the U.S. inflation rate to combat the inflationary spiral.

All sub-indices posted big declines ked by property which declined by a big 3.60 percent on the back of the losses suffered by Ayala Land and SM Prime, the second and third most active stocks with trades of P694 million and P558 million. ALI lost 1.55 pesos closing at P32.05, while SM Prime dropped 1.35 pesos down to P35.

The financials went down by 2.20 percent, industrials by 2.28 percent, holding firms by 1.72 percent, services by 2.47 percent, and mining and oil by 0.96 percent. Volume was above average at P7.919 billion with 64 gainers, 122 losers, and 46 shares unchanged.

Among the big losers were AC Energy which lost 9.75 percent to P7.22, a loss of 78 centavos, Universal Robina, which closed at P102.50, PLDT, down by P82 to P1,866, Globe down 6.2 percent to P2,270, down by P150, Jollibee down P5.80 to P215, Meralco, down P5.40 to P352.40, solar Philippines down 5 centavos to P1. 57, and Metrobank, down P1.65 to P51.10.

Converge and Ayala Corp bucked the trend going up respectively by 25 centavos to P28.80 and P5.50 to P737.50.

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