PSE Index Sustains Loss
The Philippine Stock Exchange (PSE) index sustained another loss today and is again within a hair breath of going below its support levels in the absence of clear indications that the economy is about to be revived losing 49.83 points or 0.67 percent to 7,369.27 points.
Photo Insert: The Philippine Stock Exchange (PSE) Index, November 25, 2021
Market bellwether SM Investments dropped by P10 to P978 as investors continued unloading their shares that have gone up in price since three weeks ago with the industrials and the mining and oil index buckling the selling pressure as they posted respective rises of 0.11 percent and 0.60 percent.
The holding firms posted the biggest decline at 1.13 percent while the services lost 0.48 percent, financials, 0.75 percent, and property, 0.39 percent. Value turnover was higher than the average at P7.997 billion with losers double that of gainers, 126 to 62, and 51 shares unchanged.
The most active stock was Monde which again declined by another 17 centavos to P17.88 on trades of P1.369 billion while Converge went down by P1.15 percent to P30.5 on trades of P722 million.
AC Energy perked up today, advancing by 6 centavos to P11.90 with trades of P600 million as speculation centered on its inclusion into the Morgan Stanley composite index by month-end.
The projected three-day vaccine drive is also seen to be a catalyst should the numbers of those willing to get vaccinated rise for the country to achieve herd immunity. It is said that the Philippines needs to vaccinate 70 percent of the population to be at that safe level.
Investors are looking towards a possible Christmas rally especially with the start of the pre-pandemic trading come December 6 but so far the gainers today were ICTSI, up by P1.90 to P197, Philippine Horizon, up by 27.42 percent to 79 centavos, up by 17 centavos, while Synergy Grid was unchanged at P14.86.
Metrobank and BDO Unibank respectively closed at P50.50, down by P1.05 and P130.40, down by P1.70.Jollibee lost P2.60 to P245.40 while Ayala Corp declined by P9.50 to P884.
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