PSE Index In Further Decline

The Philippine Stock Exchange (PSE) index today declined further, even sinking to a milestone level at one point as the bearish sentiment continued. Aggravated by the continued foreign selling, it closed at 6,404..91 points, down by 19.30 points or 0.30 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, June 22, 2023

Only the services sub-index managed to eke out a gain in the continued foreign selling with the other five sub-indices posting losses with the industrials declining the biggest, down at 1.25 percent followed by mining and oil down by 0.60 percent, financials down by 0.43 percent, and property down by 0.49 percent.

The index sagged to a low of 6,374.07 points indicating the lack of interest from investors. The bargain hunters, however, stepped in to swing back the index to its milestone level.

Value turnover remained low, off by 10 percent from its daily average with a P5.4 billion amount of trades with 73 gainers, 106 losers and 47 shares unchanged.

Among the big gainers were Bloomberry, which went up by 4.17 percent to reach P10, a gain of 40 centavos and Prime Media Holdings, which went up by 29 centavos or 14.01 percent to P2.36, and Bright Kindle, which gained 12.41 percent to P1.54, up by 17 centavos.

The other gainers in the Top 20 most active stocks were Ayala Land, the most active with a 1.72 percent rise to P23.70, up by 40 centavos on trades of P354 million.

Market bellwether SM Investments was the second most active with trades of P348 million as closed P14 down to P910 while the third most active was Bright Kindle with trades of P284 million.

The other gainers were PLDT, up by P29 to P1,359, Ayala Corp, up by P9 to P4.55, Emeprador, up by 20 centavos to P21.70, Aboitiz Power, up by a peso to P37.50, and Jollibee Foods, up by P1.40 to P241.40.

The losers were BDO Unibank, down by 20 centavos to P140, Bank of PI, down 50 centavos to P106.50, Universal Robina, down P7 to P129.80, SM Prime, down by 40 centavos to P33.10, Globe Telecom, down by P19 to P1,706, Metrobank, down by 10 centavos to P52.90, and Greenergy Holdings, down by one centavo to P1.38.

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