PSE Index Still Down

The Philippine Stock Exchange (PSE) index today closed lower again but there was a glimmer of hope as it recovered at the close from its lows on bargain-hunting to end just down by 19.39 or 0.29 percent to 6,589.88 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 10, 2023

That finish meant the index rising on buy-ins into shares that have gone down considerably after it hit bottom at 6,518.43 points, still way off from its support level at 6,350 points.

Half of the sub-indices closed higher while the other half posted a gain.

Market bellwether SM Investments posted a gain of P4 to P875 though it went down to a disastrous low of P852 before recovering on bargain hunters. SM, though, was not in the Top 20 active stocks while Aboitiz Equity emerged on top with trades of P3.18 billion as it went down by P1.15 to P50.30, followed by SM Prime with P552 million as it closed 75 centavos up to P35.70 and then Globe Telecom with P446 million as it finished P20 up to P1,820.

Financials lost 1.25 percent, industrials lost 0.56 percent and holding firms declined by 0.48 percent while services gained 0.55 percent, mining and oil by 0.17 percent, and 45 shares unchanged.

Value turnover was almost 50 percent higher with trades of P8.76 million while there were 57 gainers, 119 losers, and 45 shares unchanged.

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Among the gainers were ICTSI which rose by 60 centavos to p213, Meralco by P6 to P320, Bank of PI, up by a peso to P109, PLDT, up P36 to P1,316, Petron Corp up 22 centavos to P3.71, Figaro Coffee up by 3 centavos to P1.10.

The losers were Ayala Land, down by 55 centavos to P26.45, BDO Unibank P4.10 to P124.20, Security Bank, down P2 to P3.71 Universal Robina, down P2.90 to P143, Jollibee Foods, down by P3.80 to P226.20, and Metro Pacific, down 3 centavos to P4.04.

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