Profit-Taking Sinks PSE Index

The Philippine Stock Exchange (PSE) experienced a downturn today, primarily driven by profit-taking activities, resulting in a decrease of 30.82 points or 0.45 percent, closing at 6,860.67 points.

The Philippine Stock Exchange (PSE) Index, February 27, 2024

Analysts characterized this decline as a healthy correction in response to recent gains.

Despite the overall market decline, optimism for a potential bull run persisted, buoyed by the performance of market bellwether SM Investments, which reached a new high at Php921, marking a gain of Php4.50.

Foreign investors remained net buyers, contributing to the positive sentiment.

Among the sub-indices, only industrials, up by 0.05 percent, and services, which rose by 1.12 percent, posted gains.

On the other hand, financials, holding firms, mining and oil, and property sectors experienced declines of 1.16 percent, 0.49 percent, 1.92 percent, and 1.28 percent, respectively.

Total value turnover amounted to Php5.66 billion, with 63 gainers, 112 losers, and 49 shares remaining unchanged.

Metrobank led the gainers column, bolstered by its 50 centavo cash dividend. Other notable gainers included Union Bank, Bank of PI, Semirara Mining, and System Grid. Conversely, BDO Unibank, Alternergy, and First Gen were among the notable losers.

Despite the mixed performance, some stocks such as ACEN Corp, Security Bank, Robinsons Land, GMA 7, and Bloomberry remained unchanged. Net foreign buying amounted to Php77 million, with foreign buys totaling Php2.73 billion and sells amounting to Php2.653 million.

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