PSE Index Tumbles

The Philippine Stock Exchange index today tumbled on concerns over the Ukraine invasion and the oil price spike that could lead to an uptick in inflation with foreign investors selling down blue chips in what is considered its second-biggest decline since the start of the pandemic. Net foreign selling totaled P1.5B for the day.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 14, 2022

Closing 4.15 percent lower or 295.24 points to 6,816.95 points, most of the blue chips closed at new lows with the Top 20 most active stocks all ending in red territory with Ayala Corp emerging as the top traded stock, ending 5.12 percent lower to P759.50, down by 41, with trades of P846.2 million, followed by its property subsidiary, Ayala Land, which lost a bigger 7.60 percent or P2.80 to close at P34.05 on trades of P781 million.

SM Prime was the third most active stock with a value turnover of P635 million as it closed 55 cents down to P37.45. Market bellwether SM Investments was down by P29 to P880.

The index actually went down to as low as 6,797.09 points but bargain hunting pushed it up. Losers were six times more than gainers in a day that saw the index cascading down after opening at its high of 7,076.79 points.

Value turnover amounted to P8.911 billion with losers overwhelming gainers, 190 to 38 with 28 shares unchanged. Converge went down by 6.98 percent to P22.65, down by P1.70 while high-flying coal stock Semirara dropped P2.10 or 6.77 percent to P828.90.

Semirara had risen to P34.80 as coal prices raced from just $91 a ton to $400 as oil prices surged more than $100 a barrel on the Ukraine episode.

All sub-indices were down with services posting the biggest decline at 5.27 percent followed by mining and oil at 4.64 percent and financials by 3.88 percent as BDO Unibank went down by P2.90 to P124.10, Metrobank by P3.50 to P52, and Bank of PI by P5 to P92.

The property sub-index lost 3.92 percent, industrials by 3.68 percent, and holding firms by 3.57 percent.

Among the biggest losers were Jollibee, down P11.60 to P218.40, Globe, down P168 to P2,350, PLDT down P115 to P1,715, AC Energy, down 40 centavos to P7.88, Solar Philippines, down 12 centavos to P1.69, JG Summit, down P3.10 to P55, and URC, down P5.40 to P7102.30.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic