PSE Index Sputters

The Philippine Stock Exchange (PSE) index closed lower today at 6,253.96 points, down by 10.11 points or 0.16 percent following a flurry of late trades.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 11, 2023

This decline was highlighted by a significant block sale of Manila Water by the Ayala Group, involving P4.9 billion in trades.

The total value turnover amounted to P10.7 billion, with gainers slightly ahead of losers at 100 to 93, while 46 shares remained unchanged. The market's behavior resembled previous trading sessions, where issues that had seen their share prices rise were sold off.

Investors remained cautious as shares exhibited some fluctuations, with the market bellwether, SM Investments, ending the day just P7 up at P828 after reaching P844 from an opening price of P811.

Financials declined by 0.60 percent due to the sell-off in BDO Unibank in the closing minutes of trading, as it emerged as the most active stock with total transactions of P1.06 billion. BDO Unibank lost 2.37 percent to P136, down by P3.30.

Consumer firms such as Universal Robina and Jollibee Foods declined due to analysts' expectations of lower consumer sales stemming from an inflation spike. URC decreased by P2.90 to P115, while Jollibee closed at P220.60, down by P5.40.

Only the holding firms and the property sub-index posted gains of 0.15 percent and 0.22 percent, respectively, while financials declined by 0.60 percent. Industrials decreased by 0.43 percent, services by 0.10 percent, and mining and oil by 0.81 percent.

Semirara Mining lost 65 centavos, Philex dropped by a centavo to P2.83, and NickelAsia remained unchanged at P5.95.

Other losers included ICTSI, down by P3 to P202, Bank of PI down by 40 centavos to P108.40, JG Summit down by 85 centavos to P37.55, Aboitiz Equity down by 15 centavos to P49.35, Alliance Global down by 2 centavos to P11.66, and Converge down by 27 centavos to P9.95.

Among the gainers were SM Prime, up by 10 centavos to P31.10, Ayala Land, up by 10 centavos to P28.65, ACEN Corp, up by 7 centavos to P5.46, PLDT, up by P24 to P1,235, though it reached as high as P1,252.

Manila Water increased by 22 centavos to P18.20, Globe Telecom rose by P3 to P1,808, Metrobank gained P1.75 to reach P53.45, while Century Food and Ayala Corp remained unchanged at P29 and P615.50, respectively.

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