PSE Index Stumbles Despite Late Rally

The Philippine Stock Exchange (PSE) index experienced some fluctuations during the trading day but ultimately closed at 6,041.04 points, down by 6.93 points or 0.11 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 20, 2023

The market started with a decline and remained lower until the market recess.

However, it later recovered due to bargain hunting by investors, despite factors such as the Asian Development Bank's lower growth projection for the country at 5.7 percent and anticipation of the U.S. Federal Reserve's interest rate announcements.

The decline in index-heavy holdings, particularly SM Investments, prevented a more substantial rise in the index. Other sub-indices performed better, with industrials rising by 0.10 percent, services by 0.56 percent, mining and oil by 1.25 percent, and property by 0.49 percent.

Aboitiz Power emerged as the most active stock, benefiting from a buy-back mandate from management, and rose by 35 centavos or 1.15 percent to P30.75 on trades of P672 million.

SM Investments declined below the P800 level, closing at P789.50, down by P11.50. JG Summit lost 65 centavos to P35.05, while DM Consunji, Alliance Global, and Ayala Corp remained unchanged at P10.40, P12.55, and P610, respectively. LT Group rose by 3 centavos to P8.93, and GT Capital increased by P5 to P570.

Converge was among the biggest gainers, rising by 3.53 percent to P8.80, up by 30 centavos.

SM Prime and DNL posted respective gains of 25 centavos to P28.95 and 6 centavos to P6.27. Globe Telecom increased by P11 to P1,772, and PLDT rose by P38 to P1,138.

Meantime, Century Food rose by P1.40 to P30.40. Bloomberry increased by 12 centavos to P11.12, while ACEN Corp declined by 1 centavo to P4.70. Ayala Land remained unchanged at P26.80.

BDO Unibank contributed to the decline in the financials sub-index with a P2 or 1.54 percent drop to P127.80.

However, this was partially offset by the gains in Bank of PI and Metrobank, which increased to P107, up by 70 centavos, and P52.55, up by 5 centavos, respectively. Security Bank, on the other hand, experienced losses, going down by a hefty P1.35 or 1.76 percent to P75.20, while PNB lost 4 centavos to P18.36.

In the mining sector, Semirara Mining increased by 45 centavos to P35.25, NickelAsia rose by 4 centavos to P5.20, Atlas Mining increased by 15 centavos to P3.20, and Philex Mining rose by 2 centavos to P2.75.

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