PSE Index Tumbles Some More

The Philippine Stock Exchange (PSE) index today tumbled some more closing 47.87 points or 0.67 percent lower to 7,119.19 points, but not after briefly surging above its support level as profit-taking took place in thin trading with some bargain hunters also picking up stocks in the process.

Photo Insert: The Philippine Stock Exchange (PSE) Index, December 22, 2021

Industrials and the mining and oil index offset the losses incurred by the other sub-indices as they finished respectively at 1.44 percent and 0.49 percent higher. The financials declined by 0.25 percent, holding firms by 1.01 percent, services by 0.02 percent, and property by 0.64 percent.

The index actually flirted with positive sentiments with a big surge in mid-session that saw SM Prime and Ayala Land hit highs of P35.25 and P35.05, but profit-taking made the positive index at that time short-lived as SM Prime went to a low of P34.30 before recovering at P34.95, down by 5 centavos.

Ayala Land had a high of P35.05 and a low of P33.95 before closing 50 centavos lower at P34 on profit takers. SM Prime was the most active stock with trades of P172 million, while Ayala Land was the third most active with P125 million, showing the thin trading that ratcheted in the market as investors weighed in their positions with some discounting already the effects of the Odette typhoon.

Converge was the second most active with a 60 centavos rise to P32.60 with trades of P149 million, while market bellwether SM Investments saw its sh6are price go to as high as P977.50 and a low of P940 before closing P28 lower to P943.

Jollibee closed at its high point of P219 while AC Energy was unchanged at P10.60. Other gainers include Monde up by 6 centavos to P15.90 and ICTSI, up 30 centavos to P193.50.

Value turnover was just about average at P6.025 billion with 86 gainers, 83 losers, and 69 shares unchanged.

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