PSE Index In Big Decline On Continued Sell Down

By The Financial District
Feb 11, 2022
2 min read

The Philippine Stock Exchange index today posted a big decline in the continuation of Thursday's sell down with value turnover hitting a record p22.83 billion as it closed 162.26 points or a hefty 2.18 percent, again another record loss.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 11, 2022

Monde surged to a 12.1 percent rise or p1.96 to p18.16 emerging most active with trades of p5.026 billion as four other issues posted sales of over a billion in what broker Jose Ricardo Garcia said is a rebalancing of portfolio.

Emperador traded p2.64 billion as it lost p1.50 on the continued sell down. Emperador, together with Monde becomes part of the PSE index by Monday.

Robinsons Retail went up by p2.15 to p57.20 with trades of p1.426 billion while Globe and SM Prime had respective trades of p1.183 billion and p1.12 billion with the former down by p128 to p2,690 and the latter up by p1.10 to p37.80.

SM Prime's 3 percent rise led to a 0.21 percent gain for the property sub-index, the only gainer.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Services declined 3.53 percent, holding firms by 2.72 percent, financials by 2.21 percent, industrials by 1.83 percent, and mining and oil by 0.97 percent. The index went on a downward spiral after opening at 7,446.21 points, its high point, and cascaded to its lowest point which is its closing performance.

Garcia said that investors remain unconvinced about the anticipated vigor in the economy as the gasoline price spike and the federal reserve signals a possible rate increase to combat an inflation spike in the US. A rate increase in the US is seen to result in an outflow for emerging countries like the Philippines.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Market bellwether SM Investments closed p29 lower to p911, the lowest it had after opening at p940.50 and rising to p949. Security Bank lost a hefty p5.30 to p111.70 as analysts see a further rise in non-performing loans especially in credit card receivables and car loans.

Bank of PI went down by p2.70 to p98.30 while BDO Unibank lost p3.10 to p134.90. Metrobank also declined, closing at p59, down by 80 centavos.

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