PSE Index Closes Lower Anew

The Philippine Stock Exchange (PSE) index closed lower today after a brief rise to a new milestone level as selling pressure towards the end emerged again, indicating weakness in the market.

The Philippine Stock Exchange (PSE) Index, April 12, 2024

The index closed at 6,659.39 points, down by 18.26 points or 0.27 percent.

Four sub-indices posted gains, but declines in the index-heavy holding firm, down by 0.53 percent, and property, down by 1.14 percent, weighed on the index. Financials increased by 0.002 percent, industrial by 0.14 percent, services by 0.08 percent, and mining and oil by 0.74 percent.

The index reached a high of 6,719.20 points before closing lower.

Value turnover amounted to P6.767 billion with 77 gainers, 108 losers, and 51 shares unchanged. Foreign buying amounted to P3.023 billion, while foreign selling reached P3.591 billion, resulting in net foreign selling of P567.7 million.

Analysts cited geopolitical tension in the Middle East with potential conflict between Iran and Israel, as well as concerns about interest rates following US Fed pronouncements, as factors influencing the market trajectory.

Market bellwether SM Investments, together with Apex Mining, Philex Mining, Bank of PI, Jollibee Foods, Metrobank, ICTSI, Aboitiz Power, Basic Energy, Roxas and Co., First Gen, Robinsons Land, Converge, Monde Nissin, SPNEC, Meralco, Abacore, and Synergy Grid were up. Unchanged stocks included Union Bank, Figaro Coffee, Shell Pilipinas, San Miguel, and Nickel Asia.

Among the losers were Ayala Land, which emerged as the most active with trades of P1.53 billion, SM Prime, BDO Unibank, Ayala Corp., JG Summit, Aboitiz Equity, DigiPlus, PNB, Semirara Mining, Megawide, Alternergy, Manila Water, ACEN Corp., Security Bank, Belle Corp., Bloomberry, Agrinurture, Axelum, Cebu Air, PAL, LT Group, Megaworld, Emperador, Cosco Capital, Universal Robina Double Dragon, and DMC Holdings.