PSE Index Scours Bottom

The Philippine Stock Exchange (PSE) index today scoured the bottom in a continuation of its big decline Tuesday with conglomerates losing their sheen and uncertainty gripping the market further to close two milestones below at 5,879.68 points, down by 140.39 points or 2.33 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 28, 2022

Market bellwether SM Investments closed with a hefty loss of 3.93 percent with trades of P693 million to emerge as the most active stock ending the day P30 lower to P733.

GT Capital declined by a higher 7.71 percent on trades of P268 million as it closed at P415.60, down by P35. All sub-indices were in negative territory with mining and oil indices posting the biggest decline with a minus 3.93 percent performance even though mining firms are dollar earners.

Holding firms lost 3.20 percent, financials, 0.74 percent, industrials by 2.32 percent, services by 1.99 percent, and property by 2.47 percent. Value turnover was above average at P6.78 billion with 49 gainers, 156 losers, and 39 shares unchanged.

Only two of the Top 20 most active stocks survived the market rout, port operator ICTSI which closed 50 centavos higher to P181.50 with trades of P516 million, and Bank of PI, which rose on bargain hunting to finish the day at P90.30, up by P1.45.

DMCI Holdings was unchanged at P9.70 while Semirara Mining declined by 4.69 percent or P1.90 to P3660 while Universal Robina went down by P1.50 to P110.70.

BDO Unibank lost P3.80 to P111.20 while Ayala Land went down by P1.35 to P23.05 and SM Prime lost 15 centavos to P32.10. Converge went down to P14.90 for a loss of 10 centavos while PLDT and Globe declined respectively by P77 to P1.481 and P68 to P2,110.

Jollibee Foods lost 60 centavos to P228.40 while ACEN Corp dropped to P5.51, down by 44 centavos. Monde declined 44 centavos to P12.52 while Ayala Corp was down by P23 to P674.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic