PSE Index Up A Bit

The Philippine Stock Exchange (PSE) index today gained a bit but the weakness remained as the mid-session rally was unsustained and was unable to go beyond the next milestone level at 6,448.46 points, up by just 11.04 points or 0.17 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 20, 2022

Opening a bit high, the index rallied touching the next milestone level at 6,500.76 points but investors unloaded their shares resulting in the index touching its lowest level at the close.

Market analysts said that the fears over the upcoming rate increase by the US Fed that will hit the global markets remained a dampener to mini-rallies that became occasions for the sell-downs.

Value turnover remained below average, down by a third at P4.7 billion showing the tentativeness in the market for now. There were 94 gainers, 82 losers, and 55 shares unchanged.

Market bellwether SM Investments closed at its lowest at P826, down by another P8 as shareholders dumped their stocks when the issue went up to P854, its highest showing the uncertainty over the economic horizon, with trades of P329 million, the second most active stock.

Synergy Grid was the most active stock where it posted a big loss of 90 centavos or 6.81 percent down to P12.32 though it went down to as low as P12.02, compared to its IPO price of P12.

Holdings firms went down by 0.40 percent, the only loser among the sub-indices. Financials went up by 0.80 percent, industrials by 0.31 percent, services by 0.22 percent, mining and oil by 0.40 percent, and property by 0.06 percent.

Analysts said that a rise in share prices became occasion for the sell-downs indicating the pessimism over the markets for now.

Ayala Land was down by 35 centavos to P27.65 but SM Prime was up by 40 centavos to P35.60. San Miguel also gained 5 centavos to P98.50 but PLDT declined by P21 to P1,639. Puregold lost P1.15 while Bank of PI gained 85 centavos to P96.85. Globe Telecom rose by P40 to P2,180 while Ayala Corp was unchanged at P703.

Jollibee Foods was up by P2 to P244, Universal Robina gained P2.20 to P121.50 while Semirara Mining lost 50 centavos to P40.45, and DMCI Holdings went down by 18 centavos to P10.10. ACEN Corp and Monde lost 3 centavos to P6.67 and 12 centavos to P13.88, respectively.

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