PSE Index Plunges

The Philippine Stock Exchange (PSE) index today plunged to 6,599.34 points, down by 86.56 points or 1.30 percent on fears of a rise in the interest rates in the US.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 27, 2023

The data on ramped-up spending has challenged traders' expectations of a pause in the hawkish stance of the US Fed closely monitored by other markets.

The index plumbed new depths, plummeting more than 100 points below its support level of 6,700 in a preview of what is seen as the market entering the doldrums with the lack of positive news to energize investors' interest with the own inflationary spikes that the country is experiencing with the rise in energy prices as well as agricultural products.

Globe Telecom emerged as the most active stock with trades of P796 million as it lost 2.55 percent to P1,871, down by P49, and together with the decline in PLDT, which lost P60 to P1,281 resulted in the services sub-index posting the biggest loss of 3.47 percent.

Also down was Dito CME which posted the biggest loss of 11.76 percent in today's trading as it declined to P3.15, down by 43 centavos.

Financials was the only gainer, up by 0.27 percent while industrials went down by 1.39 percent, holding firms by 0.94 percent, mining and oil by 3.20 percent, and property by 1.55 percent.

BDO Unibank was the second most active stock going up by 10 centavos to P124.10 on trades of P744 million while SM Prime was third most active with P573 million in trades as it closed at P35.10, down by P1.25 or 3.44 percent.

Market bellwether SM Investments scoured new depths going down to as low as P1,863 before climbing back and closing at P894.50, down by just P5.50.

Aside from BDO, the other five gainers among the Top 20 were Meralco up P5.60 to P314.80, Ayala Land, up 45 centavos to P28.50, Metro Pacific, up one centavo to P4.06, Metrobank, up a peso to P59.90 and Figaro, up 6 centavos to P0.93.

ICTSI lost 4.67 percent to P200, down by P9.80, ACEN Corp, down 19 centavos to P6.60, Bank of PI, down 10 centavos to P103, Ayala Corp, down P2 to P648, GT Capital, down P7 to P495, Jollibee Foods, down P2.80 to P235.20, Monde, down 50 centavos to P11.20, Universal Robina, down P3 to P138, Robinsons Land, down 12 centavos to P15.08, and Megaworld down 2 centavos to P2.04.

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