PSE Index Up But Trades So Low

The Philippine Stock Exchange (PSE) index today rose a bit to 6,121.53 points, up by 48.12 points or 0.79 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 26, 2022

But, the big story of the day was the lowest value turnover the stock market has experienced for the past 5 years as the looming global scale recession hit the investors' risk appetite hard, leading to selling on even small gains and accentuating the fear over the depth of the decline.

Market analysts see the market testing its low of 5,700 points, although a possible leg up the 6,300 point level is forecast based on the average daily turnover of the market.

The concern, for now, is however centered on the total value turnover of just P1.87 billion, which is below 30 percent of the usual daily trades with the Top 20 active stocks accounting for P1.4 billion of the total worth of transactions.

Financials, which were up Tuesday, declined today by 0.28 percent while mining and oil went down by a huge 5.23 percent as Semirara Mining declined by 8.47 percent to P37.80, a loss of P3.50 while market bellwether SM Investments went up to P792, a gain of P12 on trades of P107 million, the fourth most active stock.

Emerging most active was ICTSI, which was down Tuesday, and closing at P170.40, up by P4.50 on trades of P352 million. Ayala Land followed with trades of P152 million as it lost 20 centavos to P26.60.

With the rise in the shares of stock of the port operator, the services sub-index went up by 1.53 percent. Property rose by 0.22 percent, industrials by 0.62 percent, holding firms by 1.35 percent, and property by 0.22 percent.

BDO Unibank was unchanged at P123.20, Bank of PI was down by 20 centavos to P92.55, Metrobank, down by 55 centavos to P51.45, SM Prime, down by 10 centavos to P32.70, Abacore Holdings, down by 3 centavos to P2.57, Globe Telecom, down by P30 to P2,306, Jollibee Foods, up P1.80 to P227, Aboitiz Equity, down 40 centavos to P57.40, PLDT, up P22 to P1,580, SM Prime, down 10 centavos to P32.70, Dito CME, up 28 centavos to P2.86, and System Grid down 14 centavos to P11.68.

Ayala Corp was up by P3 to 643, DM Consunji, down by 20 centavos to P10.28 and Universal Robina up 60 centavos to P115.10

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