PSE Index In Big Decline

The Philippine Stock Exchange (PSE) index today posted a big decline, dropping below another milestone level to 6,437.42 points, down by 111.35 points or 1.70 percent as investors scurried away from equities with the looming big interest rate rise in the US Fed rate that is expected to rattle the markets some more as emerging countries like the Philippines play catch up.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 19, 2022

Market bellwether SM Investments went down by a hefty 4.13 percent as it closed P36 lower to P835 million on trades of P326 million, to top the most active shares for the day as conglomerates declined in value pushing down the holding firms' sub-index to a huge 2.67 percent as all sub-indices went down.

Services lost 1.70 percent, property by 1.46 percent, industrials by 1.03 percent, mining and oil by 0.58 percent, and financials by a slower 0.68 percent as it recovered midway in trading courtesy of a rise in the share price of BDO Unibank, which went up by 10 centavos to P120.50.

Conglomerates went down as investors got out of their positions, Universal Robina lost P2.50 to P119.30, Ayala Corp dropped by P28.50, to P703 while PLDT lost P90 to P1,660, Converge by 44 centavos to P16.86, but Globe Telecom rose by P22 to P2,140 on the strength of its discounted stock rights offering.

Others that went up were Monde, up by 14 centavos to P14, Wilcon Depot, up 45 centavos to P30.80, and San Miguel, which went up by P3.45 to P98.45, nailing the second most active slot with trades of P383 million.

Solar Philippines went down by 10 centavos, declining below its SRO offering as investors opted to reduce their exposure to the company with trades of P173 million.

The other losers in the Top 20 traded stocks were property giants SM Prime which went down by 56 centavos to P35.20 and Ayala Land down by 55 centavos to P28, Metrobank, down 70 centavos to P52.90, Bank of PI down a peso to P96, Jollibee Foods, down P8 to P242, ACEN Corp, down 20 centavos to P6.70 and Security Bank down P2.10 to P85.90.

ICTSI was unchanged at P182 while Aboitiz Equity rose by 40 centavos to P57.25, the fifth gainer among the Top 20 active stocks. Value turnover remained below average at P4.98 billion with 132 losers, 51 gainers, and 51 unchanged.

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