PSE Index Slightly Up

The Philippine Stock Exchange (PSE) index today closed slightly up in trading that saw it lose its momentum as trade progressed, to gain just 8.12 points or 0.12 percent to 6,603.15 points in the absence of positive economic developments from the banking crisis.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 28, 2023

Governments are now trying to contain the big losses that depositors and even bondholders are to bite following the closure of Silicon Valley Bank, which triggered the free-fall.

Banking stocks also tumbled today with the financials closing down after signaling a rise just before the market closed resulting in the financials sub-index turning to red, down by 0.69 percent.

BDO Unibank went down by a peso to P125.50, Bank of PI lost 20 centavos to P101.80, and Metrobank declined by 90 centavos to P57.

Also down were Rizal Commercial Bank, which lost P1.10 or 4.58 percent to P22.90, Security Bank, down 40 centavos to P90.60, Union Bank, down by 50 centavos to P85, and Philippine Business Bank down 25 centavos to P9.50.

Market analysts said the decline in banking stocks is expected even with the assurance from the Bangko Sentral ng Pilipinas that the local banking industry has no exposure to the contagion wrought by failing banks.

Even the venerable Credit Suisse has been ensnared due to the uncertainty that has been generated by the news of huge losses on all fronts.

Mining and oil, powered by the big rise in Semirara Mining, which just declared a P3.50 special and regular dividends, posted the biggest gain among the sub-indices with a 2.10 percent increase as the coal giant added another P1.90 to its share price to close at P32.85, a gain of 6.14 percent on trades of P223 million, the fifth biggest traded stock.

Services followed with a gain of 1.69 percent as ICTSI rose by P4.20 or 2 percent to P214.20, PLDT went up by P37 to P1,268, and Globe Telecom gained P29 to P1,850.

Market bellwether SM Investments went down by P2.50 to P915.50 on trades of P328 million, the third most active after SM Prime, which emerged as the most active stock with trades of P657 million, lost 10 centavos to P33.85.

Solar Philippines, with trades of P504 million, gained 6 centavos or 3.57 percent to P1.74. Industrials rose by 0.25 percent, holding firms lost 0.21 percent and property went up by 0.02 percent.

Value turnover amounted to P5.3 billion, almost P700 million shy of the average. There were 78 gainers, 95 losers, and 41 shares unchanged.

Among the gainers in the Top 20 traded stocks were Ayala Corp, up 50 centavos to P665.50, Meralco, up P8.40 to P306.40, ACEN Corp, up 3 centavos to P6.50, Metro Pacific, up 15 centavos to P3.82, and DM Consunji, up 50 centavos to P11.54.

The losers were Ayala Land, down 5 centavos to P28.45, Alternergy, down another 6 centavos to P1.19, GT Capital, down P5 to P499 and Jollibee Foods, down P2.40 to P223.60.

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