PSE Index Continues Downtrend

The Philippine Stock Exchange (PSE) index continued its downtrend Friday, despite a brief stay above its milestone level due to short-lived bargain hunting.

The Philippine Stock Exchange (PSE) Index, June 14, 2024

The index closed at 6,383.70 points, down by 7.13 points or 0.11 percent.

Bargain hunting at the start saw the index hit 6,400.34 points, but a sell-down followed, pushing it down to as low as 6,370.68 points before closing at 6,383.70 points. The financials and property sub-indices posted gains of 0.58 percent and 0.33 percent, respectively.

However, all other sectors declined, with mining and oil losing the most at 1.19 percent, followed by holding firms at 0.52 percent, services at 0.22 percent, and industrials at 0.28 percent.

The sell-down saw eight of the top 10 most active stocks post losses, led by port operator ICTSI with trades of ₱219 million. Only SM Prime and Metrobank closed higher among the top active stocks.

ICTSI went down by 40 centavos to ₱339.60, followed by market bellwether SM Investments, which lost ₱4 to ₱832 with ₱183 million in trades. Jollibee Foods was the third most active stock with ₱160 million in trades, losing ₱3.20 to ₱219.

Value turnover was half of the average at ₱3.11 billion, with 84 gainers, 94 losers, and 57 shares unchanged. Foreign buying amounted to ₱1.402 billion, while foreign selling was ₱1.540 billion, resulting in net foreign selling of ₱138 million.

Among the gainers were Union Bank, ACEN Corp., EastWest, Philweb, Semirara Mining, AgriNurture, Axelum, MREIT, PAL, Cebu Air, Philex Mining, Apex Mining, Megawide, Figaro Coffee, Emperador, Converge, Puregold, Cosco Capital, and Phil Seven.

Stocks that remained unchanged included Citicore RT, SPNEC, DMCI Holdings, LT Group, AREIT, Megaworld, Globe Telecom, and SSI Group.

The losers included Ayala Corp., Bloomberry, Alternergy, Basic Energy, Shell Pilipinas, Ayala Land, Robinsons Land, PLDT, Atlas Mining, ABS-CBN, GMA-7, DigiPlus, Aboitiz Equity, Wilcon Depot, Bank of PI, PNB, Security Bank, Synergy Grid, First Gen, Aboitiz Power, Abacore, SMC Food and Beverage, Petron, Century Food, D&L Industries, GT Capital, Belle Corp., Roxas and Co., Alliance Global, and JG Summit.