PSE Index Stays In The Red

The Philippine Stock Exchange (PSE) index today declined following its huge debacle last Friday that saw more than 3 percent erased though it was, for a while, headed for an upswing until profit-taking again set in with a 47.52 points or 0.73 percent loss to 6,442.13 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, December 5, 2022

Market bellwether SM Investments, which had risen from its lows of below P800, closed lower again to p894, a decline of p7. 50 on trades of p200 million. SM has been considered the catalyst in the market due to foreign investors' liking where it raced up to near the P1,000 price point last week until investors started cashing in their gains.

Opening a tad higher, the index hit a high of 6,541.77 points but profit-taking set in resulting in a lower milestone level. Only two of the sub-indices gained with the rest declining.

Industrials rose 0.52 percent and property by 0.38 percent but financials declined by 0.72 percent, holding firms by 1.16 percent services by 1.85 percent, and mining and oil by 1.22 percent.

BDO Unibank emerged as the most active stock with trades of p256 million as it went down by p1. 20 to p127 followed by GT Capital with p235 million as it gained p5 or 1.14 percent to p443 and then Ayala land with trades of p232 million as it closed 30 centavos higher to p28. 30. Value turnover amounted to just p5. 6 billion with 83 gainers, 105 losers, and 54 shares unchanged.

Port operator ICTSI went down by a hefty 4.75 percent or P9.20 to P184.30, Globe Telecom lost P90 or 3.95 percent to P2,190, Jollibee Foods went down by 60 centavos to P236.40, SM Prime, down by 5 centavos to P34, Metrobank, down by 20 centavos to P53.80, PLDT, down by P18 to P1,602. Bank of PI, down by a peso to P98, Semirara Mining, down by 65 centavos to P32.20, and Aboitiz Equity by 80 centavos to P54.30, and Ayala Corp down by p18 to p676.

Solar Philippines lost 1 centavo to P1.34 even with the disclosure from the company of lengthening the payment by three months of its stock rights offering which it made available on a 25 percent down payment while Apollo Global was unchanged at P0.027 after its disclosure on the resignation of its president.

The company had announced the pre-positioning of its mining vessel MB Siphon which had been stationed for 671 days.

Among the gainers were ACEN Corp, up by 3.67 percent to P7.63, a gain of 27 centavos, Converge, up by 64 centavos to P15.94, universal Robina up by P1.80 to P132.50, Century Pacific up by 65 centavos to P24.25 and DM Consunji up 30 centavos to P10.10.

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