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PSE Index In Big Decline
- By The Financial District
- Oct 10, 2022
- 2 min read
The Philippine Stock Exchange (PSE) index today posted a big decline of 99.61 points or 1.63 percent to 5,832.58 points with value turnover just a shade of its past, signaling the start of a period of stagnation with the challenging environment that has hit central banks and consumers worldwide.
Photo Insert: The Philippine Stock Exchange (PSE) Index, October 10, 2022
Total trade was less than half of the average at P2.527 billion with losing stocks almost five times more than gainers, 158 to 36 with 37 shares unchanged.
Only one eked a close gain while two others were unchanged out of the Top 20 stocks, which closed in negative territory. Globe Telecom rose by P10 to P2,170 while market bellwether SM Investments and Emperador were unchanged at P760 and P19.72, respectively.
Market analysts see the stock market to be in the doldrums for the coming months as the US is seen to enter a recession with the perceived late rate hike of the US Federal Reserve plus the economic uncertainty brought by the Ukraine crisis that upped energy prices and resulted in lower growth rates all over the world.
Holding firms lost 2 percent, mining and oil 1.89 percent, services by 1.75 percent property by 1.39 percent, industrials by 1.79 percent, and property by 1.39 percent.
Bank of PI emerged most active with trades of just P146 million as it declined by 5 centavos to P92.95 followed by Ayala Land with trades of P138 million, which went down by 40 centavos to P23, and Ayala Corp with P122 million that closed P20 lower to P610.
The other losers were BDO Unibank, down P1.30 to P111.10, Semirara Mining, down 15 centavos to P40.25, SM Prime, down 30 centavos to P31.15, Converge, down 80 centavos to P12.20, ICTSI, down 10 centavos to P177.50, GT Capital, down P10 to P390, and PLDT, down P60 to P1,450.
Closing out the declines were Jollibee Foods, down P3 to P28, Meralco, down P10.40 to P28, Aboitiz Equity, down P2 to P54.60, Eagle Cement, down 2 centavos to P19.10, LT Group, down 30 centavos to P7.81, and ACEN Corp, down 14 centavos to P5.64.
