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PSE Index Plummets
- By The Financial District
- Dec 2, 2022
- 2 min read
The Philippine Stock Exchange (PSE) index today plummeted, closing down with a huge 245.34-point loss or down 3.64 percent on profit-taking to 6,489.65 points after briefly opening 3 points lower from its Thursday trading performance.
Photo Insert: The Philippine Stock Exchange (PSE) Index, December 2, 2022
Market bellwether SM Investments keyed in the huge decline as it lost 8.01 percent to close at P901.50, down by P78.50, emerging as the most active stock with trades of P593.8 million.
All the top 20 active stocks were in the red with the sub-indices all posting big losses. Holding firms went down by 5.11 percent, financials by 2.84 percent, industrials by 2.05 percent, services by 2.32 percent, mining and oil by 1.41 percent, and property by 2.40 percent.
Value turnover was a bit higher than average with P6.32 billion with 75 gainers, 108 losers, and 56 shares unchanged.
The decline of the index by three milestones level followed a run-up in 70 percent of the listed shares as foreign investors came in in full force on projections that the US Federal Reserve Board will temper its interest rate for the past 6 trading days. The market opened just three points below but it was followed by a wild selling spree that continued until closing time.
Among the big losers were Semirara Mining, which lost a hefty 4.23 percent to P32.85, down by P1.45, Bank of PI, down by 4.81 percent as it lost P5 to P99, down by 4.81 percent, Metrobank, down 4.76 percent or P2.70 to P54, Converge, down 70 centavos to P15.30, PLDT, down P79 to P1,620, Aboitiz Equity, down 4.17 percent to P55.10, and JG Summit, down P1.85 to P45.05 for a 3.94 percent decline.
Property giants Ayala Land and SM Prime saw declines respectively of 60 centavos to P29 and P1.15 to P34.05. Ayala Corp lost P21 to 694, ACEN Corp down 9 centavos to P736, Metro Pacific, down 9 centavos to P3.49, Meralco, down P2.20 to P285, BDO Unibank, down P1.80 to P128.20, ICTSI, down P3.30 to P193.50, GT Capital, down P12 to P438, and Universal Robina down P4.50 to P130.70.
