PSE Index Falls Below Milestone Level

The Philippine Stock Exchange (PSE) index declined Monday, falling below a milestone level as foreign investors remained net sellers amid a lack of catalysts to lift the market.

The Philippine Stock Exchange (PSE) Index, December 9, 2024

The index closed at 6,680.57 points, down 48.57 points or 0.72 percent.

Market bellwether SM Investments dropped below the P900 mark, signaling that a year-end Christmas rally—often seen during the holiday season—may not materialize. SM Investments declined by P35 to P880, representing a 3.83 percent decrease.

The holding firms sector lost 2.34 percent, followed by the property sector, which declined by 1.10 percent.

Other sectors also posted losses: financials fell by 0.30 percent, services dropped by 0.47 percent, and mining and oil slipped by 0.21 percent. Value turnover increased by a third to P8.5 billion, with net foreign selling amounting to P122 million.

Foreign buying totaled P2.930 billion, while foreign selling reached P3.052 billion. The market saw 68 gainers, 92 losers, and 54 unchanged stocks.

BDO Unibank emerged as the most actively traded stock, with transactions amounting to P515 million. Its share price rose by P1.40 to close at P153. Universal Robina also gained 35 centavos, ending at P76.50.

Among the gainers were ICTSI, China Bank, PNB, Basic Energy, First Gen, Semirara Mining, Dito CME, Alternergy, Synergy Grid, Cebu Pacific, PAL, Ginebra, Monde Nissin, DMC Holdings, DoubleDragon, and DigiPlus.

On the losing side were ACEN Corp., Manila Water, Abacore, Asia Best, Aboitiz Equity Ventures, Vitarich, CEMEX Holdings, GT Capital, MacroAsia, Security Bank, PhilSeven, OceanaGold, AREIT, Ferronoux Holdings, San Miguel, Rockwell Land, Robinsons Retail, Metrobank, Nickel Asia, and Philex Mining.

Meanwhile, unchanged stocks included Bank of the Philippine Islands (BPI), SPNEC, Century Pacific Food, Emperador, JG Summit, Atlas Mining, MRC Allied, Megaworld, Boulevard Holdings, SSI Group, Jollibee Foods, Figaro Coffee, Union Bank, and PSE.