PSE Index Fractionally Down

The Philippine Stock Exchange (PSE) index today declined fractionally after it clawed back its earlier losses to settle still at its milestone level, closing 9.91 points lower or 0.15 percent to 6,536.36 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 23, 2023

The uncertainty over the global financial market remains, aggravated by the global inflation spike that will mean higher interest rates.

All the sub-indices save for mining and oil which rose by 0.37 percent, went down minimally with financials losing 0.25 percent, industrials by 0.32 percent, holding firms by 0.06 percent, services by 0.48 percent, and property by 0.002 percent.

Investors' risk appetite went awry with the way the global financial shock is unraveling resulting in a 40 percent decline in the average value turnover to just P3.6 million.

Globe Telecom was the most active stock with trades of P380.4 million as it gained P10 to P1,848 followed by BDO Unibank's P307 million trades as it closed P2.20 lower to P124. Third most active was market bellwether SM Investments which for the second day ended unchanged at P900 on trades of P196 million.

The biggest loser was PH Resorts which slid by 16.25 percent as it closed P0.13 down to P0.67 with trades of P28.5 million after the shock disclosure Wednesday by Bloomberry that it is no longer interested in investing in the gaming company.

The index had gone down below its milestone level to a low of 6,494.06 on lack of buying momentum until bargain hunters pushed it back to the 6,500-point milestone level even as some investors put money in small amounts to second and third liners, with Lorenzo Shipping the biggest gainer with a 21.74 percent rise to P0.84 up by P0.15.

It was followed by Pacifica Holdings with a 21.64 percent rise to P2.08 up by P0.37 and then Anglo Philippine, up by 13.64 percent to P0.75, a gain of P0.09.

Among the gainers were SM Prime, up by 5 centavos to P34, ICTSI, up a peso to P201, Ayala Land, up 15 centavos to P28.35, Bank of PI up by P1.80 to P105.50, Petron Corp, up 10 centavos to P3.73, Metrobank, up 10 centavos to P57.20, and AgriNurture, up by 6 centavos to P7.40.

The losers were Jollibee Foods, down P4 to P223, PLDT, down P22 to P1,359, ACEN Corp, down 5 centavos to P6.26, Ayala Corp, down P6 to P634, DM Consunji, down 48 centavos to P11.12, Converge, down 14 centavos to P13.56, and Monde NIssin, down 14 centavos to P11.06.

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