PSE Index Hits New Low

The Philippine Stock Exchange (PSE) index today scoured a new low, with bearish sentiments unseen in a month and a half as just two of the Top 20 active stocks posted gains, to close at 6,510.87 points down a hefty 82.49 points or 1.25 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, May 30, 2023

All the sub-indices posted big losses, with mining and oil accounting for the biggest at minus 2.02 percent and the five others down by more than one percent save for property, which lost 0.92 percent.

Financials went down by 1.33 percent, industrials by 1.56 percent, holding firms by 1.05 percent, and services by 1.29 percent.

The index opened at 6,574.79 points, its highest, and from there slid to its lowest at which it closed. Investors continued to stay on the sidelines with value turnover amounting to just P4.45 billion with losers three times higher than gainers, 127 to 42 with 43 shares unchanged.

Ayala Corp was the most active with trades of P516 million as it closed P12 lower to P680, followed by SM Prime with trades of P442 million and which was down by 40 centavos to P33.85.

Market bellwether SM Investments went down by P9. 50 to P910.50. The two gainers among the Top 20 stocks were Figaro Coffee, up by 1 centavo to P0.69, and Aboitiz Equity up 10 centavos to 55.

Among the losers were BDO Unibank, down by 70 centavos to P134.30, Monde Nissin, down 32 centavos to P28.20, Metrobank, down P1.25 to P57.15, Universal Robina, down P4.90 to P143.10, Ayala Land, down 25 centavos to P26.25, and Bank of PI, down P2.30 to P100.70.

Jollibee Foods also finished in the red as it went down 40 centavos to P236.60, ICTSI was down P4 to P199, PLDT slid P7 to P1,223, JG Summit was down as well to P1.35 to P49.65, AgriNurture, down 5 centavos to P7.31, Bloomberry, down 30 centavos to P210.58, Synergy Grid, down 42 centavos to P7.83, Globe Telecom down P12 to P1,717, and Petron Corp down 5 centavos to P3.95.

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