PSE Index Up In Thin Volume

The Philippine Stock Exchange (PSE) went up just a tad higher to 6,521.64 points, a gain of 9.63 points or 0.15 percent as the financials changed direction towards the end of trading on profit-taking with value turnover almost half of average.

Photo Insert: The Philippine Stock Exchange (PSE) Index, June 5, 2023

The continued uncertainty on several economic fronts lingers on the horizon from the inflation numbers due Tuesday and the contentious issue on the Maharlika Fund.

Banco de Oro and Metrobank were trading at their Friday close, respectively at P139.40 and P58.75 before dropping to their lows and closing at P138.10, down by P1.30 for BDO and P57.45, down by P1.25 for Metrobank to trigger a 0.38 percent decline for the financials.

BDO was the third most active stock with trades of P250 million after Bank of PI with trades of P251 million and which was up by 70 centavos to P100.70.

Property giant SM Prime emerged as the most active stock with trades of P476 million as it added 5 centavos to close at P32.90. Market bellwether SM Investments went up by P8 to P928 providing the backdrop to a rise in the holding firms of 0.49 percent.

Industrials gained 1.36 percent, mining and oil by 0.10 percent and property by 0.30 percent. The other loser, aside from financials, was services, which went down by 0.92 percent.

Trading continued to be thin at just P3.3 billion with investors staying on the sidelines with the change in the tone of the Bangko Sentral on its reaction to the interest rate hike in the US Fed, the highest in 16 years, to 5 percent.

Previously, the BSP had said that it will not mirror the rate hike in the US Fed but later changed its tone due to what analysts said is its effect on the peso vis-a-vis the dollar. Also providing the dampener is the Maharlika Fund debate.

The gainers were Ayala Corp, up by P12 to P 670, Robinsons Land, up by 40 centavos to P14.42, Monde Nissin, up by 35 centavos to P8.20, Universal Robina, up by P6 to P148, Alliance Global, up by 30 centavos to P14, and DNL Industries, up by 16 centavos to P7.15 on its disclosure of a 30 centavo cash dividend.

The losers were Ayala Land, down by 5 centavos to P25.90, ICTSI, down by P3.80 to P199, PLDT, down by P17 to P1,238, Wilcon Depot, down by 40 centavos to P26.60, JG Summit, down by 70 centavos to P48.

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