PSE Index Plummets

The Philippine Stock Exchange (PSE) index today plummeted to 5,983.56 points, down by a hefty 72.43 points or 1.20 percent with its downswing halted only by the end of trading as investors ramped up their selling immediately after the first 30 minutes when it opened at above 6,000 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 21, 2022

Investors opted to sell their positions r early on with misgivings from the diverging opinions on whether the Bangko Sentral ng Pilipinas would act swiftly to arrest the volatility in the peso-dollar market with calls from NEDA for the monetary authorities not to raise further the rates.

The BSP had earlier telegraphed two rate rises of 50 basis points to temper the inflation spike.

Market bellwether SM Investments closed P57 lower to P302.7 million while property giants Ayala Land and SM Prime had contrasting trades, with the former up 25 centavos to P25.95 on trades of P302.3 million, and the latter down by P1.70 to P32.

Value turnover was a low P4.5 billion with 67 gainers, 104 losers, and 48 shares unchanged.

Many of the blue chips were sold down in today's trade which saw four of the sub-indices post losses against two gainers, the industrials which went up by 0.49 percent, and mining and oil with a 0.17 percent rise.

Property declined by 2.43 percent services by 2.08 percent, Financials by 1.86 percent, and holding firms by 0.15 percent.

Globe Telecom was down by P148 to P2,330, PLDT by P41 to P1,490, Jollibee Foods by p5 to P225.40, ICTSI by P3 to P172, San Miguel by 20 centavos to P97.30, Aboitiz Equity by P1.10 to P55.80, DM Consunji by 4 centavos to P10.46, BDO Unibank by P3.90 to P118.60, and Metrobank by 20 centavos to P51.10.

Monde was unchanged at P11.10. Among the gainers were Security Bank, up P2.10 to P82, GT Capital up P2 to P409, Wilcon Depot, up 55 centavos to P27.55, and JG Summit, up by 5 centavos to P41.35.

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