PSE Index Slumps

The Philippine Stock Exchange (PSE) index today slumped on a sell-down, losing more than its gains for the week, and much more as it hit a new bottom at 6,578.15 points, down by a huge 97.31- point decline or 1.46 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, May 12, 2023

Investors see another selling pressure on a possible interest rate hike by the Federal Reserve as the core inflation in the US had a slight uptick.

Only five of the Top 20 active stocks registered gains as the bearish sentiment kicked in resulting in the massive loss in the index that threatens to pierce the support level at 6,500 points.

All the indices posted big losses with the property losing the biggest at 2.05 percent as property giants Ayala Land and SM Prime went down respectively by 50 centavos to P26.50 and by a peso to P33.60.

SM Prime emerged as the most active stock with trades of P794 million while Ayala Land went down by 50 centavos to P26.50. Robinsons Land was also down by 2 centavos to P14.66.

Monde Nissin was dumped, losing a huge 8,26 percent to P8.55, down by 77 centavos on trades of P525 million, the second most active stock, while Ayala Corp., the third most active with P524 million in value turnover, lost P4.50 to P673.50.

There were 105 losers dwarfing the 62 gainers, mostly second-liners, with 54 shares unchanged. Financials went down by 1.20 percent, industrials by 1.24 percent, holding firms by 1.27 percent, services by 0.93 percent, and mining and oil by 0.57 percent.

The five gainers were PLDT, up by P27 to P1,235, Universal Robina, up by 50 centavos to P153.50, Semirara Mining, up by 20 centavos to P27.95, Wilcon Depot, up by 5 centavos to P26.60, and Metro Pacific, up by a centavo to P4.45.

Value turnover amounted to P5.5 billion, half a billion shy of the average daily turnover. Investors priced in the possible uptick in the US Fed rate as the core inflation remained a worrisome number indicating that an interest rate hike is imminent.

Among the losers were BDO Unibank, down by 50 centavos to P135.50, Bank of PI, down by P2.60 to P104.20, market bellwether SM Investments, down by P14 to P927, ICTSI down by P5 to P203, Bloomberry, down by 18 centavos to P11.18, Jollibee Foods, down by P1.60 to P222.60, and Globe Telecom, down by P19 to P1,710.

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