PSE Index Collapses

The Philippine Stock Exchange (PSE) index today collapsed to a huge loss on foreign selling.

The Philippine Stock Exchange (PSE) Index, June 21, 2024

All the Top 10 active stocks were in the red as the market tumbled two milestone levels down to 6,158.48 points, down by 186.08 points or 2.93 percent. It was the worst loss for the index in two years as net foreign selling hit more than a billion pesos worth in a day, blue chips dropping drastically in a renewed sell-down.

Among those affected were market bellwether SM Investments, which lost 1.42 percent to P836, ICTSI, down by 5.56 percent to PP316, Bank of PI, by 5.18 percent to P109.80, SM Prime, by 3.56 percent to P25.70, PLDT, by 4.59 percent to P1,350 and Ayala Land, by 4 percent to P26.40.

After opening near its Thursday close, the index went down on a steep hill to close at its lowest - a preview of the pessimistic sentiments over the market's breadth.

Losers were ahead of gainers, 108 to 74 with 52 shares unchanged. Analysts see the market in the doldrums although bargain-hunting is seen in next week's trade.

Value turnover amounted to P8.26 billion while net foreign selling reached P1.34 billion on foreign selling of P5.799 billion and foreign buying of P4.45 billion.

Financials lost 2.95 percent, industrials, by 1.83 percent, holding firms by 1.92 percent, services by 3.78 percent, mining and oil by 3.88 percent, and property by 2.83 percent. It was the first time all sub-indices declined by more than one percent.

Among the gainers were ACEN Corp, PNB, China Bank, Aboitiz Power, GMA-7, Apex Mining, Atlas Mining, OceanaGold, Robinsons Retail, Puregold, China Bank, Emperador, Semirara Mining, D&L Industries, Figaro Coffee, Megawold, Alliance Global and San Miguel.

Those unchanged were Cosco Capital, Cebu Landmasters, and Citicore RT.

The losers were Philex Mining, Oriental Petroleum, Alternergy, Synergy Grid, Manila Water, Phil Seven, Philex Mining, Nickel Asia, Megawide, Century Food, Monde Nissin, Universal Robina, Converge, Dito, DMC Holdings, Shell Pilipinas, Pacific Online, ABS-CBN, Meralco, Manila Water, Petron, and Aboitiz Equity.