PSE Index In Big Decline

The Philippine Stock Exchange (PSE) index today posted a big decline with selected blue chips down on profit-taking after a big rise in early trading, closing a milestone lower at 6,496.50 points, a loss of 70.30 points or 1.07 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, December 16, 2022

Only the industrials survived the big losses though it had just a fractional 0.13 percent gain with the mining and oil down by 2.24 percent, services by 1.79 percent, property by 1.90 percent, holding firms by 0.86 percent, and financials by 0.65 percent.

Value turnover was P1 billion above average at p7.309 billion with 65 gainers, 99 losers, and 40 shares unchanged.

Ayala Land emerged most active stock with trades of P982 million as it went up by 25 centavos to P29.25, but SM Prime declined by 4.03 percent to P33.30 with trades of P432 million.

Market bellwether SM Investments, still a favorite of foreign money, went up a peso to P929.

PLDT went down by 4.09 percent as it declined by P63 to P1,478 while Globe Telecom lost 5.74 percent as it closed at P2,070, down by P126.

Both actually rose to their peak in early trade, the former going up to a high of P1,579 after opening at P1,541, while the latter raced to P2,212 after opening at 2,180, but profit-taking dragged both to close at their lowest price points.

BDO Unibank, the second most active stock with P772 million in trades also fell on profit-taking as it closed at its lowest also of P107.20, down by p3 30 or 2.99 percent after a high of P112.10.

Jollibee Foods lost P2 to P231, and Ayala Corp went down by 5.71 percent closing at P660, a loss of P40. Nickel Asia declined by 5.20 percent to P5.27 a loss of P29 centavos.

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