PSE Index Mirrors U.S. Market, Declines Below Milestone Level

The Philippine Stock Exchange (PSE) index today declined below a milestone level, mirroring that of the US market with the unforeseen rise and uptick in inflation denting investor sentiment, to close at 6,842.79 points, down by 80.29 points or 1.16 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 9, 2023

All the sub-indices were down and value turnover was below average as the US Dow Jones went declined by more than 200 points while the inflation rate of 8.7 percent unnerved the market as economic officials believed that it had already peaked last month.

The numbers, however, showed otherwise.

Market bellwether SM Investments again led the most active stocks with trades of P524 million as it lost P14 to P895, followed by SM Prime with P358 million as it also declined by 80 centavos to P37.50.

Metrobank followed with trades of P322 million as it posted a gain of 40 centavos to P60.20. There were five other gainers among the top 20 active stocks.

Solar Philippines went up by 5 centavos to P1.59, Metro Pacific, by 8 centavos to P4.23, Figaro Coffee, by 2 centavos to P1.04, Aboitiz Power by 5 centavos to P37.75, and Nickel Asia by 13 centavos to P7.57. Value turnover amounted to p5. 62 billion with 81 gainers, 112 losers, and 45 shares unchanged.

The index was up in the opening and rose to 6,922.13 points but later on went down as the trading hours continued for lack of a catalyst.

The losers were Ayala Land, down by 10 centavos to P29.10, Ayala Corp, down P14 to P700, ICTSI, down 60 centavos to P211.40, Robinsons Land, down 12 centavos to P16.30, Meralco, down P11 to P283, Monde Nissin, down 48 centavos to P12.24, and BDO Unibank, down a peso to P125.

PLDT went down P15 to P1,380, GT Capital, down P4 to P515, Globe Telecom, down P10 to P2,080, Bank of PI, down P2 to P106.50, and Converge, down 48 centavos to P17.12.

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