PSE Index Plunges Anew

The Philippine Stock Exchange (PSE) index today plunged anew, again declining below its support level, the third time that it did in less than a week of trading, to close at 6,179.63 points, a loss of 32.76 points or 0.53 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 23, 2023

The big drop in banking stocks saw the financials falter by a huge 2.13 percent, the first it did in more than a year.

Bank of PI emerged as the most active stock with trades of P359 million as it went down by 4.16 percent to P108.20, down by P4.70 as net foreign selling amounted to P146 million. Another banking stock BDO Unibank, the third most active with P302 million in trades, of which P16 million are in net foreign selling, lost a peso to P138.

ICTSI was the second most active with P320 million as it went down by 80 centavos to P205.

Metrobank went down by P1.25 or 2.24 percent to P54.45 on trades of P88 million, of which P34 million are net foreign sells, while Philippine National Bank declined by 2.2 percent to P18.26, down by 14 centavos as its net foreign sells hit P2.2 million out of its total trade of P3.33 million.

China Bank also dropped by 5 centavos to P30.90 as net foreign selling amounted to P46 million out of its P48 million in trades, while Security Bank went down by 45 centavos to P79.25 as its net foreign selling amounted to P1.6 million out of its P4.6 million in trades.

Industrials went up by 0.57 percent, holding firms by 0.13 percent, and mining and oil up by 0.40 percent while property lost 0.87 percent and services by 0.17 percent. Total value turnover amounted to P3.6 billion with 64 gainers, 107 losers, and 46 shares unchanged.

Market analysts said that the bearish sentiments in the local market arise from the perception that the Philippine Stock Exchange is not taking care of the interests of the minority shareholders.

The issues range from the inability of the bourse to discipline erring listed issues such as Abra Mining, where unlisted and unregistered shares were sold to the more than two-year wait for the property dividend of the Philippine National Bank.

Among the gainers were GT Capital, up by P7.50 to P549.50, Metro Pacific, up by 4 centavos to P5.09, Jollibee Foods, up by P2 to P241, Monde Nissin, up by 9.06 percent to P6.74 or 56 centavos, and Meralco, up by 80 centavos to P349.

Universal Robina was unchanged at P113.40 while the losers included SM Prime, down by 50 centavos to P30.10, Ayala Land, down 5 centavos to P28.25, and Globe Telecom, down by P10 to P1,860.

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