PSE Index Sees Big Drop

The Philippine Stock Exchange (PSE) index faced a substantial decline today, initially surging to early highs before experiencing a notable drop due to the FTSE rebalancing.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 15, 2023

The market closed at 6,126.34 points, down by 82.06 points or 1.32 percent.

Among the Top 10 most active stocks, only Bank of PI managed to withstand the downturn, rising by 0.36 percent to P110, an increase of 40 centavos, with total trades amounting to P1.09 billion, making it the second most active stock.

Aboitiz Power emerged as the most active stock with trades totaling P2.34 billion.

However, it closed P1.60 lower, down by 4.28 percent at P31.60, despite initially reaching a high of P33.70, while Robinson's Commercial REIT was the third most active stock with P620 million in trades.

It experienced a loss of 24 centavos, closing at P4.76, a decline of 4.80 percent, although it had reached a high of P5.07.

All sub-indices showed declines, with the property sector experiencing the most significant drop at 2.49 percent.

Property giants SM Prime and Ayala Land declined by 2.65 percent to P29.40 (down by 80 centavos) and 2.5 percent to P27.15 (down by 70 centavos), respectively. SM Prime, however, reached a high of P30.30, while Ayala Land had a high of P27.90.

Financials lost 0.49 percent, industrials by 0.61 percent, holding firms by 1.39 percent, services by 1.88 percent, and mining and oil by 0.16 percent.

The FTSE rebalancing had several significant impacts on stock prices. BDO Unibank declined by 60 centavos to P129 but had a high of P131.70, Robinsons Retail lost P2.35, closing at P47.75, although it reached a high of P50, and ICTSI was down P5 to P205, with a high of P212.

PLDT lost P31 to P1,129 but had a high of P1,164, Ayala Corp dropped P7.50 to P619.50 but reached a high of P631, Globe Telecom decreased by P43 to P1,752, with a high of P1,810, Converge was down by 5 centavos, closing at P9, but reached a high of P9.20, and JG Summit decreased by P1.10 to P37.30, with a high of P38.45.

In the red, as well, were Bloomberry, which lost 8 centavos, closing at P10.90, despite reaching a high of P11.16, Aboitiz Equity, down by P1.45 to P47.25, although it had a high of P48.70, Jollibee Foods, down by P4.20 to P228.20, with a high of P234, and Metrobank decreased P1.35, closing at P53.10, with a high of P54.55.

Total turnover amounted to P9.06 billion, with net foreign selling reaching P2.47 billion. There were 86 gainers, 109 losers, and 35 unchanged stocks.

Among the gainers were ACEN Corp, which rose to P4.99, an increase of 6.1 percent or 29 centavos, Megawide, which increased by a centavo to P3.18, Ayala REIT, up by 55 centavos to P32.65, Atlas Mining, up by 3 centavos to P3.10, Semirara Mining, up by 10 centavos to P34.50, Nickel Asia, up by a centavo to P5.30, and Meralco increased by P6.40, closing at P365.

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