PSE Succumbs To Profit-Taking

The Philippine Stock Exchange (PSE) index today succumbed to profit-taking, erasing its gains in the middle canto as selling pressure built up towards the close to post a 41.55 points or 0.63 percent decline to 6,591.67 points, its lowest point in the trading session.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 23, 2021

Many of the blue chips surged ahead and were later dumped by profit-takers who cashed in their gains resulting in a changeover from a pulsating positive territory to a negative one. Value turnover amounted to P6.29 billion with 87 gainers, 105 losers, and 45 shares unchanged.

Market bellwether SM Investments mirrored the trading activity today as it hit a high of P994.50 and then declined to a low of P963.50 before nosing up a bit at P965, down by P12. Converge, which emerged as the most active stock with trades of P556 million, also hit a high of P30.85 before going down to P29.35 and closing P1.05 higher at P30.45 for a 3.17 percent increase.

Bank heavyweights BDO Unibank and Bank of PI also went to as high as P113.90 and P83.45 before profit-takers sold their positions to close at P111, down by 90 centavos and P81.80, down by 35 centavos respectively. Jollibee Foods closed at P195, up by P1.50 while Ayala Corp lost P8 to P710 and SM Prime declined by 60 centavos to P33.15.

PLDT and Globe had opposite closing prices with the former down by P4 to P1,245 and the latter up by P16 to P2,172. Ayala Energy also rose by 16 centavos to close at P9.11 while Emperador dropped by 42 centavos to P16.38.

Only the industrials and the services sub-sector posted gains of 0.21 percent and 0.53 percent, respectively, while the losers were financials, down 0.10 percent, holding firms, down by 0.66 percent, mining and oil by 0.35 percent and property, by 2.46 percent.

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