PSE Index Breaches Support Level

The Philippine Stock Exchange (PSE) index today breached its support level again as foreign selling continued, closing at 6,344.56 points, down by 21.47 points or 0.34 percent.

The Philippine Stock Exchange (PSE) Index, June 20, 2024

This is the second time the PSE index has fallen below its support level, first at 6,500 points and now at 6,350 points. The sluggish trading lends credence to stockbrokers' concerns that the index may drop to as low as 6,100 points if foreign investors continue their sell-off.

Foreign transactions accounted for P3.159 billion out of the P3.94 billion turnover, which is 40 percent below average.

Net foreign selling amounted to P552 million, with foreign buying at P1.303 billion and foreign selling at P1.855 billion.

There were 92 gainers, including market bellwether SM Investments, 86 losers, and 58 unchanged shares.

Holding firms and mining and oil posted gains of 0.38 percent and 1.61 percent, respectively, while financials lost 0.69 percent, industrials went down by 0.31 percent, services declined by 0.68 percent, and property retreated by 0.49 percent.

Among the gainers were GT Capital, Converge, DigiPlus, Philweb, Pacific Online, Roxas & Co, Bank of PI, Metrobank, PNB, Security Bank, Alternergy, Aboitiz Power, Meralco, Manila Water, Semirara Mining, and D&L Industries.

Monde Nissin, Ginebra, Shakey's, Universal Robina, CEMEX Holdings, Steniel, Abacore, Ayala Corp, Aboitiz Equity, DMC Holdings, LT Group, San Miguel, ABS-CBN, GMA-7, Globe Telecom, PLDT, Belle, Philseven, Apex Mining, Atlas Mining, Nickel Asia, Philex, and Philodrill also ended the day green.

In the red were JG Summit, BDO Unibank, Ayala Land, ICTSI, Jollibee Foods, EastWest, Union Bank, ACEN Corp., First Gen, Petron, SPNEC, Agrinurture, Century Food, DoubleDragon, Figaro Coffee, Alliance Global, Cosco Capital, OceanaGold, Bloomberry, and Puregold.

The unchanged stocks included SM Prime, Basic Energy, Citicore RT, Synergy Grid, Shell Pilipinas, Axelum, Emperador, Cebu Landmasters, Megaworld, MREIT RT, and PAL.