PSE Index Posts Hefty Loss

The Philippine Stock Exchange (PSE) index posted a significant loss today, driven by projected economic downturn concerns and the expected rise in oil prices due to geopolitical issues.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 16, 2023

The index lost 20.84 points at market recess and declined further by 67.51 points, closing at 6,198.83 points, down by 1.08 percent as investors fled the market in search of better alternative investment instruments.

Market bellwether, SM Investments, led the sharp decline, dropping P9 just seven minutes before the close. Subsequent sell-orders resulted in a P23 drop, ending the day at P802 with trades totaling P211 million, making it the third most active stock.

Other holding firms also experienced declines: JG Summit fell by 1.30 percent to P37.85, a loss of 50 centavos; GT Capital fell by 1.49 percent to P561.50, with a loss of P8.50; and Ayala Corp dropped by P4 to P611.

Aboitiz Equity remained unchanged at P49.70.

Holding firms experienced the most substantial loss at 1.53 percent, while financials dropped by 1.21 percent, industrials by 0.89 percent, services by 0.48 percent, and property by 0.49 percent.

The only index that saw an increase was the mining and oil index, with a gain of 0.29 percent, despite the decline in Semirara Mining, which closed 20 centavos lower at P35.80.

Atlas Mining gained 7 centavos, an increase of 2.14 percent, to reach P2.14, thanks to a projected rise in gold prices due to geopolitical issues. Philex also rose by 5 centavos, an increase of 1.75 percent, to reach P2.90, and Nickel Asia gained 4 centavos, closing at P5.94.

Security Bank saw a significant loss of 2.09 percent, closing at P77.40, while BDO Unibank emerged as the most active stock with trades totaling P782 million. It lost P1.40 or 1.02 percent, closing at P135.20.

Metrobank dropped by one peso to P52.90, PNB lost 12 centavos, closing at P18.66, and Bank of the Philippine Islands (BPI) lost P1.50, a decrease of 1.39 percent, closing at P106.20. Jollibee Foods declined by P2.60, closing at P218, while Monde Nissin lost 34 centavos or 3.96 percent, closing at P8.25.

Other losers included Figaro Coffee, down by 7 centavos, closing at P0.67; Ayala Land, down by 45 centavos, closing at P28.85; Bloomberry, down by 28 centavos, closing at P10.30; SM Prime, down by 10 centavos, closing at P30.90; Globe Telecom, down by P4, closing at P1,790; Converge, down by 2 centavos, closing at P9.83.

Meanwhile, gainers included Meralco, up by P20, closing at P376.40; Century Food, up by 5 centavos, closing at P29.50; Dito CME, up by 40 centavos, closing at P3.65. Aboitiz Power, Alliance Global, and PLDT remained unchanged at P37, P11.80, and P1,217, respectively.

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