PSE Index Loses Steam

The Philippine Stock Exchange (PSE) index today lost some more steam, declining two milestone levels down to 6,583.65 points, a loss of 106.62 points or 1.59 percent down as the uncertainty remained the same.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 31, 2022

Sellers swamped the market 12 minutes before the close with p4 billion worth of trades to push the value turnover to P8.86 billion and which led to a gain for the property sub-index after it was pulsating a red sign before the big selloff.

Twelve minutes before bell time, property was down by 0.19 percent but bounced back to rise by 0.98 percent at the close.

Holding firms lost 3.51 percent, services, by 1.57 percent, mining and oil by 1.03 percent, industrials, by 0.85 percent, and Financials by 0.91 percent.

There were 67 gainers, 128 losers, and 42 shares unchanged, with SM Prime emerging as the most active with trades of P941.5 million as it gained 95 centavos to P37.85. ICTSI followed with P660 million as it lost P2.80 to P181.20.

Bank of PI went up by 55 centavos to P94.95 with trades of P542 million.

Market bellwether SM Investments was a big loser among the Top 20 active stocks as it lost P44.50 or 5.08 percent to P831. The other heavy losers were Meralco, down by 3.15 percent as it closed P9.80, down to P301.20, Globe, down 4.64 percent or P102 to P2,098, and JG Summit down by P2.80 to P51.20.

Monde closed 8 centavos higher to P16.50 while Solar Philippines was unchanged at P1.69. Ayala Corp lost P5 to P702, PLDT, by P21 to P1,679, Security Bank by P1.35 to P90, Converge, by 56 centavos to P17.40, and BDO Unibank by P2.60 to P128.80.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic