Challenging 2022 trading year ends; index closes in the red

PSE marks last trading day of 2022. In photo are PSE Issuer Regulation Division Head Atty. Marigel B. Garcia and PSE General Counsel Atty. Veronica V. Del Rosario; PSE Technology Division Head Philip A. Driz, PSE COO Atty. Roel A. Refran, PSE President and CEO Ramon S. Monzon and Securities Clearing Corporation of the Philippines COO Renee D. Rubio; PSE Market Operations Division Head Roel M. Villanueva, PSE Capital Markets Development Division Head Mark Frederick V. Visda and PSE Finance Division Head Roberto Jose R. Jimenez

The country’s benchmark Philippine Stock Exchange index (PSEi) sputtered on the last trading day of 2022, capping off a challenging year for stock market investors with another red session and an annual drop of 7.8 percent.

By the closing bell, the PSEi was down a marginal 0.002 percent, or 0.15 points, to 6,566.39 after giving up early-session gains on Thursday while the broader All Shares index rose 0.37 percent, or 12.71 points, to 3,462.04.

There were only three trading days for the week since Monday and Friday were holidays.

The PSEi recovered after entering a bear market last September but rallies remain capped by prevailing global recession worries.

“Both interest rates and inflation have yet to peak. That’s why you are stuck at the 6,500 level. There is no impetus for the [PSEi] to go beyond 6,800 or close to 7,000,” Jonathan Ravelas, a veteran stock market analyst and financial strategy consultant at e-Methods for Business Management Corp., told the Inquirer on Thursday.

A total of 1.12 billion shares valued at P6.16 billion changed hands while foreigners were net buyers amounting to P207.7 million.

Investors were also wary about the reopening of borders in China as the country’s COVID-19 infections soar.

“Oil prices settled lower as traders weighed concerns over a surge in COVID-19 cases in China, the world’s top oil importer, against the chances easing pandemic restrictions in the country will boost fuel demand,” Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Thursday.

PSE subsectors were mixed with property, mining and oil, financials and services moving higher while holding firms and industrial stocks tumbled.

SM Prime Holdings Inc. was the top traded stock as it gained 1.72 percent to P35.50 per share.

It was followed by SM Investments Corp., down 1.10 percent to P900; Ayala Land Inc., up 2.5 percent ot P30.80, and PLDT Inc., up 0.30 to P1,317, and BDO Unibank Inc., down 0.19 percent to P105.70 per share.

International Container Terminal Services Inc. was up 1.01 percent to P200; Coverge ICT Solutions Inc., up 1.4 percent to P15.88; DMCI Holdings Inc., up 5.08 percent to P12; Monde Nissin Corp., down 2.12 percent to P11.08, and ACEN Corp., down 0.26 percent to P7.62 per share.

Overall, there were 120 advancers against 68 losers while 49 companies closed unchanged, data from the stock exchange showed.