PSE Index Retreats Some More

The Philippine Stock Exchange index today retreated some more with just one gainer out of the top 20 active issues that were traded, putting a spotlight on the state of uncertainty gripping the market as it ended at 6,895.36, down by 92 points or 1.33 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, April 12, 2022

Losers swamped gainers 113 to 50 with 60 shares unchanged with value turnover below average at p5 billion as investors opted to wait it out.

All sub-indices were down with industrials posting the biggest loss of 2.15 percent, followed by property, down 1.83 percent, and mining and oil, down 1.44 percent. Services lost 1.42 percent, financials, 1.30 percent, and holding firms by 0.64 percent.

Only San Miguel survived the meltdown among the most active stocks with a gain of 80 centavos to p107.80. All others declined, save for market bellwether SM Investments, Metro Pacific, and Robinsons Land, which were unchanged closing respectively at p865, p3.83, and p20.

Bank of PI emerged as the top traded stock with trades of p367.7million as it lost p2 to p98, followed by Ayala Land with trades of p367.3 million, as it closed 30 centavos lower to p34.

ICTSI was down by p4.40 to p34 while meralco lost p9. 20 to p363.20. Other losers were Converge, down 20 centavos to p29, PLDT, down p28 to p1,800, Jollibee, down p2.60 to p216, and Metrobank, down p1.15 to p53.85.

The uncertainty in the market arises from the projected rise in the US federal reserve rate due to the inflation spike as a result of the Ukraine crisis which resulted in the rise in energy prices.

The surge in the price of oil which topped 100 us dollars a barrel has also resulted in an increase in the inflation rate in the Philippines too. The price spiral is what is keeping the market in the throes of a bullish trend.

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