PSE Index Posts Hefty Decline

The Philippine Stock Exchange (PSE) index today posted a hefty decline, closing lower by 106.77 points or 1.65 percent to 6,341.69 points with a sell-down that hit the market as fears were magnified on the inflationary spike with the projected ramping up of hostilities in Ukraine.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 21, 2022

Only two shares of the top 20 stocks managed to squeak through the sell-down that saw market bellwether SM Investments hitting a new low of P800 before it recovered on bargain hunting to finish P18 lower to P818.50 on trades of P425.5 million, the second most active stock.

Ayala Land emerged most active with trades of P544 million as it lost 70 centavos or 2.53 percent to P26.95. Another property giant, SM Prime also posted a similar 70 centavos loss to close at P34.90, down by 1.97 percent.

The market was today rattled by the fears of increased hostilities in Ukraine with the pronounced partial mobilization made by Russian leader Vladimir Putin.

The announcement immediately resulted in an uptick in oil prices. With the increased hostilities, energy prices are expected to go up anew and lead to governments raising interest rates to curtail the rise in consumer prices which affects stock prices.

Financials were the biggest losers declining by 2.49 percent followed by property down by 2.22 percent. Industrials lost 1.93 percent holding firms by 0.56 percent, while mining and oil went up by 0.18 percent.

Value turnover was at a faster clip from Tuesday with p5. 42 billion with 39 losers, 151 gainers 33 shares unchanged. The only gainers in the Top 20 stocks were Semirara Mining up 75 centavos to P41.20 and Meralco which gained P4 to P305. Aboitiz Equity was unchanged at P57.50.

The sell-down in the stocks pushed down the index to as low as 6,315.54 points but bargain hunting stopped the further decline.

Port operator ICTSI lost P2.80 to P181, Jollibee Foods lost p6 to p238, San Miguel went down by 50 centavos to P98, Ayala Corp. was down by P5 to P698, Universal Robina by P4.50 to P117, BDO Unibank by P2.60 to P120.50, Bank of PI by P3.20 to P93.65, Globe Telecom by P50 to P2,130, PLDT by P29 to P1,610, GT Capital by P12.60 to P480.40, ACEN by 22 centavos to P6.45, Monde Nissin by 38 centavos to P13.50, Synergy Grid by 20 centavos to P12.12, and Emperador by 35 centavos to P20.35.

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