By The Financial District
PSE Index In New Low
The Philippine Stock Exchange (PSE) index today posted a recent low as the investment community remains rattled with the surge in interest rates in the US Fed and a subsequent rise set by the Bangko Sentral as it flirted with closing another milestone lower at 6,227.858 points but was saved only by the ensuing bargain hunting to close at 6,301.71 points, down by 39.98 points or 0.63 percent.
Photo Insert: The Philippine Stock Exchange (PSE) Index, September 22, 2022
Investors unloaded more of their shares with the 75 basis point rise in the US Fed as it combats an inflationary spike that was immediately followed by an added 50 basis point rise in local interest rates by the Bangko Sentral.
Value turnover was at an average of P5.91 billion with losers four times more than gainers, 156 to 41 with 34 shares unchanged. Converge was the day's biggest loser with an 11.3 percent decline as it closed P1.90 lower to P14.92 with trades of P483 million, the third most active stock.
Port operator ICTSI emerged as the most active stock with its shares unchanged at P181 on trades of P603 million followed by Ayala Land with P592 million as it posted a hefty 5.19 percent decline to P25.55, down by P1.40.
Market bellwether SM Investments trumped the selling with bargain hunters pushing it a peso higher to P819.50 after it -declined to as low as P786.
Only the financials sub-index survived the rout with a gain of 0.69 percent as BDO Unibank rose by P2.30 to P122.80, Bank of PI went up by 35 centavos to P94 and Metrobank gained 95 centavos to P52.
Property lost 2.80 percent, industrials by 1.47 percent, mining and oil by 1.46 percent, holding firms by 0.02 percent, and services by 0.38 percent.
PLDT and Globe Telecom gained respectively by P30 to P1,640 and P12 to P2,142 respectively, while the losers included San Miguel down by a peso to P97.65, Emperador by 10 centavos to P20.25, SM Prime by 70 centavos to P34.20, Jollibee Foods by a peso to P237, Universal Robina by P1.70 to P115.30, Semirara Mining by15 centavos to P41.05, DM Consunji by 22 centavos to P9.98, ACEN Corp by 17 centavos to P6.28, Monde by 54 centavos to P12.96, Solar Philippines by 2 centavos to P1.24, and Security Bank by P1.55 to P84.
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