PSE Index Buckles Under Weight Of Profit-Taking

Today, the Philippine Stock Exchange (PSE) index experienced a decline attributed to profit-taking, reflecting ongoing market uncertainty despite a rise in the US market.

The Philippine Stock Exchange (PSE) Index, February 1, 2024

The index closed 23.43 points down, representing a decrease of 0.35 percent, settling at 6,623.01 points.

Among the sectors, only Financials recorded a slight gain of 0.29 percent. However, this was offset by declines in prominent banking stocks such as BDO Unibank, Metrobank, PNB, and UnionBank, despite Bank of PI and Security Bank experiencing gains.

SM Investments, considered a market bellwether, initially climbed to a high of P910 but closed at P888, marking a decrease of P7.

Other sectors experienced losses, with Property down by 0.86 percent, Mining and Oil declining by 1.46 percent, Services decreasing by 0.55 percent, Industrial by 0.39 percent, and Holding Firms by 0.38 percent.

The value turnover remained low at P4.14 billion.

However, there was a positive aspect in today's trading, with net foreign buying amounting to P460 million, driven by buying worth P2.462 billion against selling worth P2.001 billion.

Gainers were predominantly second and third-liners, including Pacific Online, Megawide, MacroAsia, Geograce, Figaro Coffee, and Araneta Properties. Additionally, SSI Group, Robinsons Retail, JG Summit, Top Frontier, Century Food, Roxas and Company, and RFM registered gains.

On the other hand, notable losers included Aboitiz Power, GT Capital, Basic Energy, First Gen, Meralco, Manila Water, Emperador, Monde Nissin, System Grid, Megaworld, Nickel Asia, Converge, DITO CME, Globe Telecom, PLDT, Bloomberry, Ayala Corp, Cisco Capital, and Aboitiz Equity, as well as Universal Robina.

Several stocks remained unchanged, including Alliance Global, ACEN Corp, Jollibee Foods, San Miguel, DMC Holdings, ICTSI, and Albacore Capital.

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