PSE Index Plummets

The Philippine Stock Exchange (PSE) index today plummeted to a new milestone level on continued foreign selling declining by 73.20 points or 1.13 percent to 6,434.06 on the continued economic uncertainty.

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

Value turnover, however, was almost double the average at P11.4 billion due to a P4.7 billion worth of transactions involving JG Summit done in a cross sale with a local seller trading with a local buyer but still unidentified.

The cross sale was made at P47 and put the Gokongwei family's holding firm to emerge the most active with trades of P5.03 billion as it closed 50 centavos higher to P47.50. The deal was done through AB Capital Securities.

Another Gokongwei family listed issue, Robinsons Retail was second biggest traded stock with P1.88 billion as it ended the day 25 centavos lower to P51.15 while the third most active was Ayala Land with P453 million as it declined by a peso to P24.

Market watchers said that foreign investors were again unloading their shares at the local bourse.

Save for the industrials, which went up by just 0.003 percent, all the other sub-indices posted heavy losses with services down the biggest with a 2.04 percent decline, followed by property, down 1.59 percent and then holding firms down by 1.27 percent, mining and oil lost 1.13 percent and financials by 0.55 percent.

BDO Unibank bucked the trend with a 90-centavo rise to P140.50 while market bellwether SM Investments went down by 1.73 percent to P910, down by P16. Another Gokongwei-identified issue, Universal Robina, was unchanged at P141.

There were 72 gainers, 118 losers and 41 shares unchanged. Among the gainers were Monde Nissin, up by 4 centavos to P8.16, Puregold, up by 5 centavos to P29.55, and Converge, up by 18 centavos to P11.02.

Emperador was unchanged at P21.40.

The losers were Ayala Corp, down by P23 to P653, SM Prime, down by 30 centavos to P32.50, Bloomberry, down by 58 centavos to P9.56, Globe Telecom, down P79 to P1,755, ICTSI, down P3 to P197, Metrobank, down P1.05 to P54.30, PLDT, down by P32 to P1,238, Greenergy Holdings, down by 3 centavos to P1.26, Bank of PI, down by 90 centavos to P104, and ACEN Corp, down by 12 centavos to P5.70.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic