PSE Index In Big Drop

The Philippine Stock Exchange (PSE) index today posted a big decline, but not after hitting a new high as investors took their cue from the US market to sell down their shares with all sub-indices in negative territory to close at 7,375.68 points, down by 65.99 points or 0.89 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 10, 2021

Emerging as the top traded stock was Synergy Grid, which traded P2.63 billion its follow-on offering that was sold at P12 per share, finishing the day at P12.60, which is 96.82 percent lower than its previous traded price.

Synergy is the listed vehicle for National Grid Corp. and the follow-on offer represented 20 percent of its shares as part of its contract for an IPO with the Philippine government when it was sold to private investors.

Actually, many of the share prices went up in early trading when the index hit a new year high of 7,475.75 before capitulating to profit-taking that saw market bellwether SM Investments rising to P993 before closing down to P975, which is P9 lower - the same with Synergy Grid, which hit a high of P13.58.

Value turnover amounted to P11.157 billion with 77 gainers, 116 losers, and 56 shares unchanged with all sub-indices declining with the financials down the most at minus 1.79 percent, holding firms, down by 1.01 percent, industrials by 0.30 percent, services by 0.10 percent, mining and oi by 0.26 percent, and property by 0.65 percent.

Monde was unchanged at P16.88 while Globe went up to P3,500, up by P78 although it had a high of P3,540 on trades of P310 million. Jollibee lost P5.80 to P254 while AC Energy dropped by 2 centavos to P12.14.

Metrobank rose by 20 centavos to P52.30 while Bank of PI and BDO Unibank posted reversals with losses of PP3.95 to P91.85 and P2 to P130, respectively.

WEEKLY FEATURE : MVP Keeps Lights On During Pandemic