PSE Index Posts Razor Thin Rise

The Philippine Stock Exchange (PSE) index today posted the thinnest rise of just 0.11 points or 0.002 to 6,507.26 after going below its milestone level in the early going and advancing on aggressive bargain hunting, the expected sideways movement continuing.

Photo Insert: The Philippine Stock Exchange (PSE) Index, June 13, 2023

Only the sharp rises in holding firms and services provided the backdrop to the small upswing as investors remain risk-averse due to the lack of significant economic developments so far.

Also, the expected US Fed rate change is seen as a dampener so far. Holdings rose by 0.12 percent and services by 0.14 percent.

That upticks in the holding and services sub-indices offset the losses in financials, down by 0.26 percent, industrials down by 0.62 percent, mining and oil down by 0.46 percent, and property down by 0.005 percent.

Market bellwether SM Investments closed P16 higher to P926, but not after dropping to as low as P909 while Globe Telecom advanced by P49 to P1,834 but it hit a low of P1,792.

ICTSI rose by P2 to P200 but declined to a low of P197 while Emperador went down to as low as P21.05 before closing at P21.40, an increase of 10 centavos.

Ayala Land was the top traded stock as it recovered to P25, a gain of 15 centavos on trades of P600 million. In second was SM Prime with trades of P418 million as it closed unchanged at P32.80, while the third-ranked stock was BDO Unibank with trades of P372 million as it lost 40 centavos to P139.60.

Value turnover was still below average at P5.5 billion due to the uncertainty. There were 68 gainers, 127 losers, and 43 shares unchanged.

Among the losers were JG Summit, down by P1.20 to P47, Ayala Corp, down P3.50 to P676, Universal Robina, down a peso to P141, Metrobank, down 70 centavos to P55.35, PLDT, down P10 to P1,270, GT Capital, down P12.80 to P487.20, Puregold, down a peso to P29.50, Jollibee Foods, down 60 centavos to P235, and ACEN Corp, down 16 centavos to P5.82.

The gainers were Bank of PI, up by 60 centavos to P104. 90, Converge, up by 2 centavos to P10.84, Metro Pacific, up 10 centavos to P4.51, and Greenery Holdings, which went up by 1 centavo to P1.29.

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