PSE Index Plummets

The Philippine Stock Exchange (PSE) index today plummeted to near its support level as bank stocks and other shares were hammered on fears of contagion from the collapse of Silicon Valley Bank, to close with a huge decline of 151.12 points or 2.31 percent to 6,393.33 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 14, 2023

The Philippine market was just 44 points shy of its support level of 6,350 points.

Market analysts will watch Wednesday's trading to monitor whether that support level will be pierced, in which case the index may drop below the 6,000-point milestone. The value turnover of just P3.85 billion, however, indicates that investors are awaiting future directions of the market.

But in a harbinger of possibilities, analysts said that the decline in share prices of 17 of the Top 20 most active stocks does not give optimism to the future of the market's performance.

Banking stocks posted big losses today with BDO Unibank paring off 3.03 percent from its share price to close at P118.30, down by P3.70 with trades of P418 million, the second most active stock, while Bank of PI went down by 1.24 percent to P103.80, down by 9.60, Metrobank, by a hefty 3.2 percent to P57.50, down by P1.90, and Security Bank by 1.17 percent to P93, a decline of P1.10.

Financials lost 1.88 percent, industrials by 2.12 percent, holding firms by 2.51 percent, services by 1.96 percent, mining and oil by 0.84 percent and property by 2.14 percent.

Ayala Land emerged the most active stock with trades of P589 million with its share price unchanged at P26.35 while ICTSI was the third most active with P235 million as it closed at P205.20 down by P2.20 or 1.06 percent.

Market bellwether SM Investments was one of two gainers as it finished the day P8 higher to P883 while Emperador also closed higher at P21, up by 30 centavos. There were 49 gainers, 143 losers and 47 shares unchanged.

Among the losers were Globe Telecom, down P23 to P1,777, ACEN Corp, down by 10 centavos to P5,98, Megaworld, down 6 centavos to P1.96, Meralco down P9.60 to P308.20, Jollibee Foods, down P6.60 to P220.60, SM Prime, down 70 centavos to P35, Robinsons Land, down 34 centavos to P14.06, NickelAsia, down 29 centavos to P6.97, GT Capital, down P14.50 to P500.50, AgriNurture, down 4 centavos to P7.30, Universal Robina, down P1.60 to P139.90, and Figaro Coffee went down 15 centavos to P0.95.

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