PSE Index Slumps

The Philippine Stock Exchange index today slumped below the 7,000-point milestone level as headwinds from the upcoming US Fed rate hike and the inflation spike on the domestic front hurt the prospects of the market to close at 6,968.20 points, its lowest point for the day, down by 29.73 points or 0.42 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, April 11, 2022

Also contributing to the sharp decline is the looming four-day holiday that was manifested in the value turnover of just P3.36 billion, almost half of the average, with 75 gainers, 102 losers, and 55 shares unchanged.

Market bellwether SM Investments was unchanged at P860 though it had a brief sprint to P875 before buckling down on just P236 million in trades, the second biggest.

Bank of PI was the most active stock with P236 million as it bucked the trend to close P1.50 higher to P100. Also up was Metrobank, which gained 50 centavos to P55, while BDO Unibank went down by P2.40 to P130.10 to tow the financial subindex to a 0.11-point decline.

All the others also slid on the projected hawkish Federal Reserve move seen to raise rates by 50 basis points.

Property lost 0.74 percent, mining and oil by 0.65 percent , Industrials by 0.47 percent, holding firms by 0.30 percent and services by 0.08 percent. Property giants SM Prime and Ayala Land respectively lost 5 centavos to P37 and 65 centavos to P34.30.

Semirara Mining also went down by 55 centavos to P30.90.

Converge rose by 55 centavos to P29.20 while PLDT and Globe declined by P12 to P1,828 and by P10 to P2,470. Jollibee was also down by 40 centavos to P219 while Ayala Corp was unchanged at P778.

Among the gainers were DMCI, up 4 centavos to P9.15, Wilcon Depot up P1.35 to p26.50, AC Energy up 1 centavo to P8.55, and GT Capital, up 50 centavos to P514.50.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic