Foreign Buying Fails To Stop PSE Index From Sinking

The Philippine Stock Exchange (PSE) index declined to 6,246.20 points, decreasing by 6.98 points or 0.11 percent, despite net foreign buying.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 23, 2023

Trading volume was below half of the average, and bearish sentiments dominated the market.

Holding firms experienced a loss of 0.33 percent, financials by 0.26 percent, and services by 0.65 percent. On the positive side, industrials increased by 0.39 percent, mining and oil by 0.40 percent, and property by 0.42 percent.

Total trades amounted to just P2.33 billion, with 74 gainers, 91 losers, and 48 shares remaining unchanged.

Foreign buying totaled P990 million, while foreign selling reached P905 million, resulting in a net foreign buying of P85 million. However, this was insufficient to lift the index, given the prevailing sell-downs.

Analysts noted that the market is expected to maintain its downward bias as it awaits a potential rise in interest rates from the Bangko Sentral ng Pilipinas to address the upward trend in inflation.

Universal Robina and Monde Nissin drove the increase in industrials, with the former rising by P1.10 to P121, making it the most active stock with trades of P243 million.

The latter surged by 3.54 percent to P8.48, up by 29 centavos, following buying interest sparked by the company's efforts to limit losses from its Singapore subsidiary.

Market bellwether SM Investments closed unchanged at P830, despite reaching a high of P835.50, while Jollibee Foods declined by P1.20 to P238.80, becoming the second most active stock with trades of P225 million.

Ayala REIT rose by 15 centavos to P29.25. Other notable movements included ICTSI, down by P3 to P215.40, Ayala Land, down by 25 centavos to P29.60, ACEN Corp, down by 1 centavo to P4.96, Converge, down by 12 centavos to P8.21, and Metrobank, down by 10 centavos to P51.90.

Ayala Corp was down by P2 to P647.50, Bank of PI, down by P1.20 to P104, Aboitiz Equity, down by 40 centavos to P48.30, Globe Telecom, down by P5 to P1,755, Puregold, down by 35 centavos to P27.80, Nickel Asia, down by 3 centavos to P5.11, and Meralco, down by a peso to P372.

Among the gainers were SM Prime, up by 45 centavos to P31.95, Bloomberry up by 11 centavos to P9.98, PNB up by 10 centavos to P18.50, Wilcon Depot up by 2 centavos to P19.62, Semirara Mining up by 30 centavos to P28.90, Philex Mining up by 8 centavos to P3.06, and Aboitiz Power up by 25 centavos to P36.50.

PLDT and Security Bank remained unchanged at P1,260 and P70.05, respectively.

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