PSE Index Plummets

The Philippine Stock Exchange (PSE) index today plummeted to 6,699.23 points, down by a hefty 101.73 points or 1.50 percent with all sub-indices losing more than one percent each for the first time, plumbing the key support level of 6,700 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 22, 2023

The numbers do not bode well for the awaited bullish sentiments to kick in as volatility in the market remained constant.

Only four shares out of the Top 20 most active stocks turned in gains, namely BDO Unibank, which went up by 10 centavos to P124, ICTSI which rose by P1.80 to P207.80, GT Capital, up 50 centavos to P5513, and Converge, which gained 26 centavos to P16.28.

Financials posted the second biggest decline of 1.76 percent after property, which lost 1.84 percent. Industrials went down by 1.28 percent, holding firms by 1.16 percent, services by 1.10 percent, and mining and oil by 1.20 percent.

It was the first time since the pandemic bust three years back when the sub-indexes went down by more than one percent at the same time indicating the enormity of the economic decline that is manifesting in what the TFD said is the "egg law" in the market.

The egg law states that when the price of eggs goes up by 60 percent then the index will plummet.

The cheapest egg now is P8, up 60 percent from P5, one of the reasons for the spiraling inflation spike that the government is now being asked to address by the Bangko Sentral ng Pilipinas due to the lack of supply of agriproducts.

Globe Telecom was the most active stock with P436 million in trades as it went down by 2.56 percent to P1,939, down by P51, followed by market bellwether SM Investments, which cratered to P890, down by P7.50 with trades of P390 million.

Ayala Land, whose share price did not benefit from its disclosure of hefty gains, ended the day 75 centavos lower to P28.20 on trades of P279 million.

Bank of PI lost P4.80 to P104, Metrobank went down by P1.50 to P60.20, SM Prime declined by 75 centavos to P36.70, PLDT went down by P52 to P1,335, Ayala Corp went down by P15 to P660, Aboitiz Power lost 95 centavos to P37, Meralco lost P1 to P309, Wilcon Depot declined by 60 centavos to P31.45, Universal Robina lost P3.30 to P138.50, Metro Pacific went down by 2 centavos to P4.18, Megaworld went down by 3 centavos to P2.12, and Jollibee Foods lost P2 to P240.

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