PSE Index Continues Correction Phase

The Philippine Stock Exchange (PSE) index continued its correction phase Thursday, with a muted decline of 13.05 points or 0.18 percent, closing at 7,411.42 points.

The Philippine Stock Exchange (PSE) Index, October 10, 2024

The small loss indicates a potential upswing this Friday, with three sub-indices showing gains.

Financials rose by 0.19 percent, holding firms increased by 0.28 percent, and property advanced by 0.55 percent. However, the decline in services, which closed 1.55 percent lower, and losses in the industrial sector (down 0.29 percent) and mining and oil sector (down 0.99 percent) weighed on the overall performance.

The top-traded International Container Terminal Services Inc. (ICTSI) saw transactions worth PHP 669 million but dropped by 2.19 percent to PHP 420.40, a decrease of PHP 9.40, accounting for a significant portion of the services decline.

For the second consecutive day, foreign investors were net sellers, with a net selling amount of PHP 73 million.

Foreign buying reached PHP 2.123 billion against PHP 2.197 billion in foreign selling.

Foreign trades accounted for PHP 4.3 billion of the total turnover value of PHP 5.58 billion. The market recorded 99 gainers, 111 losers, and 48 unchanged shares. Despite a dip to 7,399.43 during the day, the index recovered by the close.

Among the gainers were market bellwether SM Investments, which rose by PHP4 to PHP 979.

Other gainers included Bank of the Philippine Islands (BPI), Ayala Land, GT Capital, Citystate Savings, Citicore Renewable Energy (RE), AgriNurture, Security Bank, Union Bank, East West Banking, Raslag, San Miguel Corporation, Mreit REIT, GMA Network, Philippine Airlines (PAL), Philseven, Emperador, Fruitas Holdings, Jollibee Foods, Monde Nissin, Universal Robina, Aboitiz Equity, JG Summit, LT Group, DoubleDragon Properties, Megaworld, SM Prime, MacroAsia, Belle Corporation, and Philodrill.

The losers included BDO Unibank, Wilcon Depot, Metrobank, Meralco, Bloomberry, Manila Water, Ayala Corporation, Aboitiz Power, Basic Energy, First Gen, Roxas and Co., Alliance Global, Petron, Semirara Mining, Shell Pilipinas, Solar Philippines Nueva Ecija Corp. (SPNEC), Century Pacific Food, D&L Industries, Ginebra, CEMEX Holdings, Megawide, Cosco Capital, Puregold, OceanaGold, Philex Mining, Apex Mining, Nickel Asia, Atlas Mining, Cebu Air, Globe Telecom, Converge ICT, and Dito.

Unchanged stocks included PNB, ACEN Corporation, Alternergy, Robinsons Retail, Citicore REIT, Robinsons Land, and Boulevard Holdings.