PSE Index Continues To Be Weighed Down By Foreign Selling

The Philippine Stock Exchange (PSE) index declined once more Friday, weighed down by another day of net foreign selling.

The Philippine Stock Exchange (PSE) Index, December 13, 2024

The index closed at 6,616.51 points, down by 24.84 points or 0.37 percent, with sub-indices showing mixed performances.

Financials, services, and mining and oil posted gains, rising by 0.36 percent, 0.54 percent, and 0.91 percent, respectively. However, industrials fell by 0.32 percent, property by 0.08 percent, and holding firms by a significant 1.29 percent.

Market bellwether SM Investments dropped by ₱15 to close at ₱888, a decline of 1.66 percent. Other conglomerates that lost ground included Abacore, Aboitiz Equity, Ayala Corporation, and GT Capital.

Value turnover was subdued at just ₱5.02 billion.

 Foreign investors were net sellers, with a net outflow of ₱601 million on foreign buying of ₱2.245 billion and foreign selling of ₱2.851 billion. The market recorded 103 gainers, 88 losers, and 52 unchanged shares.

The trading day was largely uneventful, except for the significant surge in the share price of Ferronoux Holdings, a company owned by tycoon Michael Cosiquien, formerly of Megawide Construction Corporation.

Ferronoux rose by 19.18 percent to close at ₱4.35, up by 57 centavos, following a disclosure of a private placement worth ₱80 million for 80 million treasury shares sold to Themis Group Corporation.

The transaction was represented by lawyers from M.M. Lazaro and Associates.