PSE Index Collapses Below Support Level

The Philippine Stock Exchange (PSE) index collapsed Wednesday below its support level during another day of net foreign selling, dampening optimism for a Christmas rally.

The Philippine Stock Exchange (PSE) Index, December 18, 2024

The index closed at 6,469.08 points, down by 32.65 points or 0.50 percent. Net foreign selling reached ₱487 million, with foreign buying at ₱2.044 billion and foreign selling at ₱2.531 billion.

Local investors accounted for approximately ₱1.5 billion in transactions.

Value turnover amounted to ₱5.95 billion, slightly below its average. There were 83 gainers, 104 losers, and 61 unchanged shares. ICTSI emerged as the most active stock with ₱454 million in transactions, rising by ₱3.60 to ₱389.

Market bellwether SM Investments rose by ₱10 to ₱891, though it peaked at ₱899 when the market opened. The index briefly rallied to 6,520.81 points before declining as trading progressed, reaching a low of 6,463.19 points.

The industrial and services sectors posted respective gains of 0.67 percent and 0.30 percent, while holding firms lost 0.30 percent, financials declined by 1.71 percent, mining and oil fell by 0.55 percent, and property slid by 1.22 percent.

Gainers included PH Resorts, Universal Robina, Ferronoux Holdings, Alternergy, Citystate Savings, Security Bank, Union Bank, Aboitiz Power, Citicore RE, Basic Energy, Meralco, Manila Water, GT Capital, Emperador, Haus Talk, GMA-7, SPNEC, Converge, Dito CME, and Puregold.

Unchanged stocks included Jollibee Foods, ACEN Corp., Keepers Holdings, LT Group, Megaworld, Belle Corp., OceanaGold, and Philex Mining.

Losers included BDO Unibank, Bank of PI, First Gen, Petron, SM Prime, Ayala Land, China Bank, PSE, JG Summit, Ayala Corp., Aboitiz Equity, DoubleDragon, Semirara Mining, Robinsons Land, ABS-CBN, PAL, PLDT, Bloomberry, DigiPlus, Apex Mining, Atlas Mining, Shell Pilipinas, Vitarich, CEMEX Holdings, Monde Nissin, D&L Industries, MRC Allied, AREIT, and Ginebra.