PSE Index Tumbles

The Philippine Stock Exchange posted a big decline with value turnover three times average and losers almost double that of gainers as foreign investors cashed out of the market, to close at 6,577.45 points, a loss of 110.40 points or 1.66 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, May 24, 2022

Opening just a bit higher from its Monday close, the market immediately went into negative territory and closed at its lowest point with holding firms posting the biggest drop of 2.36 percent as market bellwether SM Investments mirrored the index, posting its high at opening and low at the close.

SM opened at p848. 50 and tumbled to P830, down by P18.

Only the mining and oil sub-index went up with a smallish rise of 0.19 percent while the Financials lost 1.74 percent, industrials by 1.17 percent, services by 0.48 percent, and property by 1.28 percent.

Only three issues gained and two were unchanged among the top 20 active stocks, headlined by Converge which closed 50 centavos lower to P25.80 as a foreign investor unloaded its shares to nudge the trades to p1.211 million.

Value turnover amounted to P20.2 billion with 63 gainers, 120 losers, and 54 shares unchanged, including Bank of PI at P94.50 and <onde at P15.92.

The three gainers in the most active stocks were ICTSI up P3.80 to P213.80, Systems Grid up 24 centavos to P12.64, and Semirara Mining up 50 centavos to P33.

Among the losers were Ayala Corp down P20 to P660, Universal Robina down P2 to P104, Globe down P20 to P2,530, PLDT down P44 to P1,916, BDO Unibank down P3.30 to P123.50, SM Prime down 25 centavos to P37.70, Ayala Land down 80 centavos to P27.70, Metrobank down P2.10 to P50.10, Security Bank down P2.25 to P91.50, and Puregold down P1.25 to P32.20.

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