PSE Index Plunges

The Philippine Stock Exchange (PSE) index plunged below another significant milestone today, coming just 38 points shy of its support level.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 23, 2023

Foreign investors continued their exit strategies amid the projected rise in interest rates by the US Federal Reserve, coupled with gloomy forecasts regarding geopolitical concerns in the Middle East.

The market closed with a loss of 54.46 points, equating to a decline of 0.89 percent, settling at 6,088.44 points.

Financials took a substantial hit, retreating by 1.73 percent. BDO Unibank saw a decrease of 2.32 percent, trading at P126.40, marking a loss of P3.

Meanwhile, Bank of the Philippines Islands (Bank of PI) declined by 3.10 percent, reaching P102, representing a loss of 2.94 percent. Security Bank also saw a drop of 35 centavos, settling at P76.65, while PNB added 4 centavos, reaching P18.64, and Metrobank gained a peso, closing at P52.85.

All sub-indices experienced declines, with industrials losing 0.94 percent, holding firms down by 0.71 percent, services by 0.64 percent, mining and oil by 1.44 percent, and property by 0.30 percent.

Foreign selling amounted to P1.986 billion, while foreign buying stood at P1.209 billion, resulting in net selling of P777 million.

This marked the second time it hit triple figures, indicating a stock market malaise, especially in emerging markets like the Philippines.

Value turnover totaled just P3.3 billion, with the number of losers more than double that of gainers, standing at 123 to 50, with 55 shares remaining unchanged. Only two of the Top 10 active stocks posted gains, with Benguet Corp rising by 36 centavos or 7.74 percent, to P5.01 and Universal Robina gaining 30 centavos, reaching P113.50.

Market bellwether SM Investments lost P6, closing at P811, while Aboitiz Equity dropped 70 centavos, ending at P47.40, and Ayala Corp decreased by P6, settling at P811.

Holding firms that defied the trend included Alliance Global, which rose by 4 centavos to P11.60, GT Capital, up by 50 centavos, closing at P545.50, and JG Summit, which gained 20 centavos, reaching P38.20.

Other gainers included ACEN Corp, up by 4 centavos, reaching P5.12, Bloomberry, up by 8 centavos, settling at P10, Puregold, up by 5 centavos, reaching P28.95, PLDT, up by P3, closing at P1,220, and SM Prime, up by 20 centavos, ending at P30.90.

Among the losers were Jollibee Foods, down by P5.20, settling at P210, ICTSI, down by P2.20, closing at P205, Converge, down by 37 centavos, ending at P18.88, Ayala Land, down by 50 centavos, reaching P28.15, Aboitiz Power, down by 30 centavos, closing at P35.25, Globe Telecom, down by P5, ending at P1,795, Dito CME, down by 12.82 percent or 44 centavos, settling at P2.98, Nickel Asia, down by 8 centavos, ending at P5.50, Semirara Mining, down by 25 centavos, closing at P30.85, Philex Mining, down by 6 centavos, reaching P2.90, and Monde Nissin, down by 17 centavos, settling at P8.28.

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