PSE Index Falters Slightly

The Philippine Stock Exchange (PSE) index today went down a bit, but not after plunging in a free fall early on as bargain hunters saved the day for the market, to close at 6,448.90 points, down by just 1.44 points or 0.02 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, June 20, 2023

With foreign selling continuing, the index went down to as low as 6,410.33 points, triggering a buy-back, the result of which was industrials rising 0.12 percent, holding firms gaining 0.36 percent, mining and oil up by 0.78 percent and services by 0.93 percent.

Property, however, lost a hefty 1.20 percent while Financials went down by 0.30 percent as top-traded Ayala Land declined by 5.12 percent to P23.15, a loss of P1.25 on trades of P877 million.

PLDT bannered the rise in services as it gained 4.2 percent to P1,340, up by P54 on trades of P357 million, while market bellwether SM Investments was third most active with trades of P279 million as it gained P7 to P915.

Value turnover reached P4.7 billion with 92 gainers, 81 losers and 47 shares unchanged. Market analysts see the market still in sideways mode in the absence of any comforting news.

Bank of PI went down by P1.30 to P105, BDO Unibank lost 50 centavos to P139.50, Universal Robina, down by 10 centavos to P138.60, JG Summit, down by 60 centavos to P47.15, ACEN Corp, down by 3 centavos to P5, and Megaworld, down by 1 centavo to P1.94.

Jollibee Foods and ICTSI were both unchanged at P240 and 200, respectively.

The gainers were SM Prime, up by 5 centavos to P33. 55, Ayala Corp, up by P5 to P620, Metrobank, up by P1.20 to P54.30, Greenergy Holdings, up by 3 centavos to P5, Metro Pacific, up by 1 centavo to P4.44, Emperador, up by 5 centavos to P21.70, Puregold, up by 20 centavos to P28.20, and Semirara, up by 75 centavos to P28.25.

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