PSE Index Tumbles

The Philippine Stock Exchange (PSE) index tumbled on profit-taking in another volatile trade, closing 38.20 points down or 0.59 percent lower at 6,462.80 points.

The Philippine Stock Exchange (PSE) Index, December 27, 2023

Investors remained hesitant to enter the market, with trades concentrated on the Top 10 active stocks, accounting for almost half of the P3.94 billion total trades. There were 82 gainers, 88 losers, and 52 shares unchanged.

Only two of the active stocks provided a snapshot of their prospects. BDO Unibank, the most active with P497 million, went down by P1.40 to P128.60. BDO disclosed that it has taken control of SM Keppel, which owns the Podium complex and West Tower.

Another significant development concerned ACEN Corp, which disclosed that its wholly-owned subsidiary acquired YMP Telecom Power by buying its parent firm, Yoma Micro Pte Ltd, for P200 million.

ACEN, which closed at P4.16 for a 1 centavo gain, said that it bought the company at 10 percent lower than its book value for P200 million.

The YMP Telecom acquisition allows the company to have solar power solutions for telecom towers and industrial power solutions in the Philippines. The shares had a high of P4.27 and a low of P4.07.

Ayala Land rose by 20 centavos to P34.30, while market bellwether SM Investments went down by P15.50 to P889 but later recovered to P886.50, with a high of P903. Metrobank went up by 70 centavos to P51.50, SM Prime by 30 centavos to P33.40, and Digiplus Interactive rose by 51 centavos to P7.78.

ICTSI lost a peso to P239, Bloomberry by 1 centavo to P9.79, while Semirara Mining went up by P1.15 to P29.50.

Financials lost 0.35 percent, services by 0.47 percent, industrial by 0.10 percent, and holding firms by 1.66 percent. Mining and oil gained 1.93 percent, and property by 0.66 percent.

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