PSE Index Exhibits Weakness

On the latest trading day, the Philippine Stock Exchange (PSE) index displayed signs of weakness, largely attributed to the global economic headwinds stemming from tensions in the Middle East and rising oil prices.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 19, 2023

The recent political implications following the bombing of a Gaza hospital have raised concerns about the potential impact on emerging economies like the Philippines. The PSE index closed the day at 6,219.16 points, marking a decrease of 49.11 points or 0.78 percent.

During the trading session, the property sub-index was the only one to post a gain, showing an increase of 0.14 percent. On the other hand, financials recorded the most significant loss at 1.58 percent.

Meanwhile, holding firms declined by 0.18 percent, services by 1.35 percent, industrials by 1.02 percent, and mining and oil by 0.21 percent.

Notable stocks in the market included BDO Unibank, which emerged as the most active stock with a turnover of P407.7 million. It witnessed a decline of 2.31 percent, closing at P131.30, down by P3.10.

Similarly, Security Bank saw a decrease of 3.69 percent, closing at P77.05, down by P2.95.

Other banking stocks that registered losses included Metrobank, down by P1.40 or 2.59 percent to P52.55, PNB, which declined by 6 centavos to P18.70, and Bank of the Philippine Islands (BPI), which went down by 70 centavos to P106.80.

Total value turnover for the trading day amounted to P4.2 billion, with 50 gainers, 117 losers, and 53 shares remaining unchanged. Foreign buying totaled P2.325 billion, while foreign selling reached P2.849 billion, resulting in net foreign selling of P524 million.

This substantial figure reflects the uncertainty surrounding the global arena, particularly in light of concerns related to the Middle East and the Gaza hospital bombing, which is anticipated to impact oil supply and lead to inflation concerns for the Philippines.

Despite a broader sell-off, the market bellwether, SM Investments, experienced gains due to bargain hunting. It rose by P7.50 to P820 with trades totaling P191 million.

However, other holding firms saw declines, including JG Summit, which went down by 35 centavos to P38.05, Ayala Corporation, which declined by P9.50 to P610.50, Aboitiz Equity, which saw a decrease of 40 centavos to P49.10, and GT Capital, which went down by P6 to P558.

Among the notable losers were Jollibee Foods, the second most active stock with a turnover of P240 million, down by P3.20 to P220.80, Puregold, which declined by 20 centavos to P29.25, Converge, which saw a decrease of 38 centavos to P9.60, PLDT, which went down by P20 to P1,206, and Meralco, which closed at P375.60 after a decline of P13.

Other notable decliners included Semirara Mining, down by 5 centavos to P35.10, Nickel Asia, which declined by 3 centavos to P5.70, Megaworld, down by 2 centavos to P2.02, Bloomberry, which saw a decrease of 3 centavos to P9.99, Ayala Land, which went down by 25 centavos to P29.50, ACEN Corp, which experienced a drop of 11 centavos to P5.08, Aboitiz Power, which declined by 15 centavos to P36.80, and ICTSI, which closed at P210 after a decrease of P4.20.

Among the gainers were SM Prime, which increased by 20 centavos to P31.40, Dito CME, up by 3 centavos to P3.69, Globe Telecom, which gained P15 to close at P1,814, Robinsons Land, which rose by 6 centavos to P14.70, and Universal Robina, which saw an increase of 70 centavos to P113.70.

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