PSE Index Marginally Down

By The Financial District
Feb 17, 2022
2 min read

The Philippine Stock Exchange (PSE) index today posted a marginal decline though optimism is in the air as the number of gainers were ahead of losers in what market players said is a portent of things to come: a possible run-up to the 8,000-point level.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 17, 2022

The market opened more than three points from Wednesday's close and rallied to a possible rise but profit-taking took the better of the market to finish at 7,438.93 points, down by just 13.60 points or 0.19 percent.

The sub-indices were evenly distributed with the financials, holding firms, and property down respectively by 0.05 percent, 0.15 percent, and 0.62 percent while the industrials rose by 0.25 percent, services by 0.31 percent, and mining and oil by 0.21 percent.

This is the first time that the sub-indices were up and down by less than one percent as value turnover still amounted to more than the average at P6.815 billion.

There were 107 gainers against 77 losers with 50 shares unchanged as the hope for a bullish run remains for market players who see the resistance level at 7,700 points seen to be pierced within a month.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

SM Prime was the most active stock with trades of P466 million as it lost 50 centavos to P38, followed by Converge, which rose by 3.45 percent after a big decline Wednesday to close at P28.50, up by 95 centavos on trades of P387 million.

Emperador, a new entrant to the PSE index, was third most active, as it rose by 10 centavos to P20. Market bellwether SM Investments closed P10 down to P927 on profit-taking as it went up to a high of P947.50.

Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

BDO Unibank lost P1 to P135 while Bank of PI was unchanged at P100, but Metrobank rose by 50 centavos to P60.20. The other gainers were AC Energy, up 20 centavos to P9, Bloomberry, up 34 centavos to P6.89, Metro Pacific, up 19 centavos to P3.88, Jollibee, up a peso to P252 and JG Summit, up 85 centavos to P62.05.

Market players see bullish sentiments ahead due to the cooling down of the Ukraine geopolitical tension, the continuing decline in COVID-19 transmissions, and the expected opening up of the economy especially with the easing of quarantine protocols on arriving tourists and balikbayans.

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