PSE Index Bogged Down By Foreign Selling

The Philippine Stock Exchange (PSE) index declined today due to renewed foreign selling in volatile trade, causing blue chips to fluctuate between a low and a high before closing at 6,255.74 points, down by 36.65 points or 0.58 percent.

The Philippine Stock Exchange (PSE) Index, December 13, 2023

Except for services, all sub-indices posted losses, with Financials down by 0.38 percent, Industrials by 0.15 percent, Holding Firms by 0.83 percent, Mining and Oil by 0.55 percent, and Property by 1.18 percent.

Services rose by 0.38 percent, with top-traded ICTSI seeing trades of P443 million, going up by P2.40 to P234.

However, ICTSI, like the rest of the blue chips, had a volatile run with a low of P227.40, similar to the second most active BDO Unibank, which gained p1.70 to P126.70 but bottomed out at P124.80.

Market bellwether SM Investments lost P7 to P832 but fluctuated between P830.50 and P849.50. Bloomberry also contributed to the rise in services, going up by 20 centavos to P10.10 but traded between P9.89 and P10.14.

Notably absent from today's trade was Solar Philippines, which was suspended anew due to a required full disclosure regarding its latest corporate activity related to the purchase of a company.

The property giant experienced fluctuations from a low to a high, closing up, but late selling pulled down its price to P32.80, down by 40 centavos, with a high of P33.75 and a low of P32.70.

Ayala Land was also down by 50 centavos to P31.50, while Robinsons Land lost 4 centavos to P15.16 but not before reaching a high of P15.22.

The value turnover amounted to P3.54 billion, with 64 gainers, 95 losers, and 47 shares unchanged. Foreign buying amounted toP1.8 billion, and foreign selling reached P2.09 billion, resulting in net foreign selling of P280 million.

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