PSE Index Crumbles To Lower Milestone Level

The Philippine Stock Exchange (PSE) index crumbled Thursday to a lower milestone level on a sell-down that saw market bellwether SM Investments hit a new low.

The Philippine Stock Exchange (PSE) Index, May 9, 2024

Foreign investors were yet again net sellers as the Philippine market closed at 6,542.46 points, down a hefty 116.72 points or 1.75 percent lower.

Despite the overall decline, the industrial sub-index managed to rise by 0.40 percent, largely due to ACEN Corp's impressive gain of 8.16 percent. However, financials lost 2.03 percent, holding firms declined by 3.02 percent, and other sectors also experienced negative movement.

Value turnover amounted to P6.731 billion, with 95 gainers, 87 losers, and 43 shares remaining unchanged. Net foreign selling totaled P1.519 billion. Analysts noted a sideways bias in the market, expressing optimism that the index remains distant from its support level at 6,400 points.

The resistance level remains at 6,800 points as market pundits navigate the current bumpy terrain the index faces, with the 7,000-point level still difficult to attain.

The lack of catalysts to move the market likewise is a key hurdle.

Among the gainers were Ayala Land, Alternergy, Cebu Air, ABS-CBN, GMA 7, Top Frontier, Figaro Coffee, Monde Nissin, Metrobank, DMC Holdings, Globe Telecom, Alliance Global, Dito, and Megawide.

Abacore, LT Group, San Miguel, Ayala REIT, Citicore REIT, Robinsons Land, Converge, PAL, and Philodrill were unchanged.

Meanwhile, the losers were BDO Unibank, Bank of PI, Security Bank, JG Summit, Double Dragon, Nickel Asia, Basic Energy, First Gen, PNB, Ginebra, Jollibee Foods, Century Food, Synergy Grid, Semirara Mining, and Belle Corp.

Rounding out the list of stocks in the red were Bloomberry, Steniel, Roxas and Co., GT Capital, PLDT, AgriNurture, Meralco, Megaworld, Atlas Mining, Apex Mining, Aboitiz Equity, and Manila Water

Overall, market sentiment reflected caution, with investors navigating a challenging terrain and cautious optimism for future market movements.