PSE Index Still Down

The Philippine Stock Exchange (PSE) index today declined again on the back of the domino effect of a bank collapse in the US but righted towards the end on news of a bank bailout to recover lost ground but still with a loss of 45.43 points or 0.69 percent to 6,544.45 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 13, 2023

Spooked by the closure of Silicon Valley Bank, investors went for the exits. But, with the pronounced bailout that will see all depositors were to be paid their uninsured deposits, the index recovered to post a relatively low loss after going down by more than 100 points.

Market bellwether SM Investments which is a favorite of foreign investors, saw its share price hit a disastrously low price of P856 and a high of P898 before closing at P875, unchanged.

SM, together with Metro Pacific, which rose by 9 centavos or 2.23 percent to P4.13 on news of an IPO of one of its subsidiaries, led the holding firms to rise by 0.44 percent. The other gainer among the sub-indices were mining and oil, which had a fractional 0.007 percent gain.

Financials lost 2.04 percent, industrials by 0.74 percent, services by 2.02 percent, and property by 0.07 percent.

BDO Unibank emerged as the most active stock with P501 million in trades, followed by ICTSI with trades of P416 million as it closed P5.60 lower to P207.40. Ayala Land was third most active with P385 million as it closed at P26.35, down by 10 centavos.

Value turnover was 400 percent higher at P25.5 billion with 58 gainers, 124 losers, and 47 shares unchanged.

Among the losers were Ayala Corp, down by P4 to P620, Bank of PI, down P3.90 to P105.10, Globe Telecom, down P20 to P1,800, PLDT, down P38 to P1,278, Security Bank, down P4.90 to P94.10, ACEN Corp, down 11 centavos to P6.08, Metrobank, down 30 centavos to P59.40, JG Summit, down 40 centavos to P50.60, and Aboitiz Power, down 5 centavos to P37.85.

Among the gainers were Robinsons Land, up 34 centavos to P14.40, Jollibee Foods, up a peso to P227.20, Solar Philippines, up 4 centavos to P1.53, and Aboitiz Equity. up P2.20 to P52.50.

Figaro Coffee and SM Prime were both unchanged at P1.10 and P35.70, respectively.

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