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PSE Index Posts Big Decline
- By The Financial District
- Aug 12, 2021
- 2 min read
The Philippine Stock Exchange (PSE) index today posted a huge loss with value turnover triple its average trade indicating fear within the investment community as it closed 110.29 points or 1.65 percent down to 6,556.57 points.
Photo Insert: The Philippine Stock Exchange (PSE) Index, August 12, 2021
Value turnover amounted to P18.226 billion which is three times normal trade and in a losing market that is considered a catalyst as selling pressure builds up on the way down.
Only the mining and oil sub-index survived the sell-down advancing by 1.47 percent as Lepanto Mining and Oriental Petroleum topped the gainers column with the former up by 10.22 percent as it rose by P0.014 o P0.151 and the latter by a tenth of a centavo to P0.012.
Selling was across the board with losers almost twice more than the gainers, 133 to 66 with 51 shares unchanged. Filinvest REIT survived the selldown as it closed 2 centavos higher its IPO price to P7.02 buckling to an opening low of P6.97. The issue was priced 15 percent below its previous offer price.
The property sub-index was in a huge decline, finishing 3.14 percent lower as Ayala Land and SM Prime respectively lost 85 centavos to P33.55 and P1.45 to P33.55.
Ayala Energy lost 4.34 percent, going down by 40 centavos to P8.82 emerging as the most active stock with P771 million in trades, while Converge traded P584 million as it lost 50 centavos to P26.85.
Holding firms were down by 2.14 percent, financials, by 1.29 percent, industrials by 0.56 percent, and services by 0.17 percent. Market bellwether SM Investments went down by P29 to P979, while Emperador declined further by 50 centavos to P12.24 as investors scurried away from the stock set to be excluded from the PSE index by the 16th.
PLDT and Globe closed higher at P2.016 and P1,264, up by P16 and P14 respectively. LT Group declined by 28 centavos to P9.52, and Ayala Corp, by P18 to P727.
The big selloff today is seen as a catalyst for the forthcoming trading sessions as the big sell down in bigger trades could mean that the ghost month is rearing its head, market players said.
