PSE Index Slightly Down

The Philippine Stock Exchange (PSE) index showed a sign of weakness towards the close to end the session fractionally down by 0.11 percent or 8.29 points to 7,288.79 points as investors opted to sit by in the absence of economic uplifting news.

The Philippine Stock Exchange (PSE) Index, October 21, 2021

Value turnover amounted to its average P6.25 billion although the gainers outpaced losers, 105 to 89 with 47 shares unchanged as the mining stocks saw life on speculation that with the expected economic recovery, the metals sector are seen to expect a windfall in an uptick in copper, silver, and gold.

Benguet B, which is reserved for foreigners posted the biggest gain of the session, rising 22.3 percent or P1.06 to close at P5.80 while its A shares, which can be bought only by locals, rose by 12.57 percent or 67 centavos to close at P6.

Philex Mining also went up by 24 centavos to P5.68 while NickelAsia, one of the Top 20 most active stocks with trades of P140 million ended the day 7 centavos higher to P5.65.

Fifteen minutes before the close, the index was in green territory but last-minute sell orders, mostly from foreign investors, changed it to a loss as the higher-priced weight of the financials, which went down by 0.88 percent, the industrials, down by 0.59 percent and property, down by 0.50 percent overwhelmed the gains in the mining index of 2.52 percent, services of 0.27 percent, and the holding firms of 0.48 percent.

Market bellwether SM Investments lost P3 to P1,022 although it went up to a high of P1,026 before encountering the selling pressure at the close.

Converge was the most active stock with P675 million in trades as it succumbed to profit-taking to close at P31, down by P1.85, while Monde advanced further by another 92 centavos to close at P16.44.

AC Energy declined by 42 centavos to P11.46 while SM Prime and Ayala Land posted respective losses of 30 centavos to P35.90 and 20 centavos to P37.95. Globe was down by P42 to P3,008 while PLDT declined by P5 to P1,630. Dito, though, was up by 15 centavos to P7.16.

Among the gainers were Aboitiz Power which advanced by 40 centavos to P32.20 while its parent firm, Aboitiz Equity advanced by P1.75 to P51.25, Ayala Corp., up by P6 to P871, and Semirara Mining, up by 65 centavos to P28.05 while the losers include Jollibee Foods, down P3.80 to P224.80, Bloomberry, down 30 centavos to P6.50, and Bank of PI, down P1 to P85.

WEEKLY FEATURE : MVP Keeps Lights On During Pandemic