PSE Index In Sharp Decline

The Philippine Stock Exchange (PSE) posted a sharp decline today as investors sold their positions immediately after opening higher from its Monday close losing 70.90 points or 1.02 percent to 6,885.36 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 28, 2021

Selling was across the board with value turnover more than double the average signifying the fear in investors with losers almost double that of gainers, 135 t0 75 with 38 shares unchanged.

Monde crumbled 8.05 percent down or P1.63 to P18.62 on a hefty volume of P2.18 billion. Second most active Aboitiz Power lost by a higher percentage, 9.65 percent or P3.30 to P30.90 on trades of P608 million.

Broker Jose Ricardo Garcia said that investors were in a selling mode the whole of the session although the financials posted a 0.19 percent rise and property by a smallish 0.01 percent. The big cap stocks posted huge declines with the industrials down by 1.73 percent, holdings, 1.29 percent, services by 1.82 percent, and mining and oil by 1.65 percent.

Universal Robina went down by P1.90 to P128.10, ICTSI by P8.80 to P195.20, Ayala Corp by P23 to P792, Globe by P28 to P2,922, and AC Energy by P23 to P792.

Market bellwether SM Investments dropped big but recovered on bargain hunting to close P17 higher at P977, going down to as low as P955.50 and a high of P978 during the session.

Among the gainers were BDO Unibank, which rose by 60 centavos to P113.60, and GT Capital, which closed P2 higher to P530.

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