PSE Index In Continued Stumble

The Philippine Stock Exchange (PSE) index today dropped to 6.405.91, down by 43.75 points or 0.68 percent, a bit higher than its lowest in a month as investors opted to take their profits immediately.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 11, 2023

Blue chips hit their high price points with the locals again mostly absent from trading due to the August ghost month phenomenon which lasts until after next week.

Foreign investors were net sellers to the tune of P297 million on foreign buys of P1.56 billion and foreign sells of P1.89 billion with the locals just accounting for half-billion in trades as only the mining and oil sub-index showed a gain, up by 0.60 percent.

The sub-index was pulled by Nickel Asia, which went up by 6 centavos to P5.32 after hitting a high of P5.40. Semirara Mining gained 10 centavos to P30, its highest price point on trades of P64 million.

The financials declined by 0.23 percent, property by 0.89 percent, industrials by 0.19 percent, holding firms by 0.85 percent, and services by 0.96 percent.

Market bellwether SM Investments hit a high of P896 before it closed at P882.50, down by P4.50 on trades of P114 million, while top-traded stock SM Prime rose to a high of P32.25 before closing 40 centavos lower to P31.50 on trades of P375 million.

Ayala Corp was the second most active with P325 million as it closed 25 centavos down to P604 while Ayala Land, which rose to a high of P29.35 closed at P29.05, down by 25 centavos on trades of P242 million, the third most active stock.

BDO Unibank rose by a peso to P143.50, one of two gainers among the top traded stocks that include Metro Pacific which rose by a centavo to P5.

Meralco closed P1.60 higher to P339.60 but went up to as high as P344.40 before the profit-taking came in. ICTSI lost P3.80 to P204.20 while Universal Robina declined by 50 centavos to P124.

JG Summit lost 70 centavos to P39 while GT Capital went down by P2 to P522. Jollibee Foods went down by P1.20 to P247.80, its lowest price point though it had a high of P253 while Globe Telecom went up by P10 to P1,850 though it had a high P8 higher.

PLDT, however, lost P20 to P1,315 after hitting a high of p1,334. Monde also gained by 2 centavos to P7.58 while Aboitiz Power was unchanged at P36. Aboitiz Equity, on the other hand, lost P1.15 to P47.90 though it had a high of P49.60.

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