PSE Index Crumbles To Lower Milestone Level

The Philippine Stock Exchange (PSE) index crumbled Tuesday to a lower milestone level as foreign investors sold their positions in market bellwether SM Investments immediately at the opening.

The Philippine Stock Exchange (PSE) Index, June 4, 2024

This resulted in the sell-down of other blue chips to close at 6,386.42 points, down by 84.32 points or 1.30 percent. All the sub-indices posted losses with holding firms absorbing the biggest decline of 2.50 percent.

At the market recess, the index was down by 109.58 points or 1.69 percent to 6,361.16 on the sell-down in SM Investments for trades of P1.57 billion but it later bounced back at the close after it hit a low of 6,351.19 points.

Out of the P1.57 billion in trades, SM's net foreign selling amounted to P754 million. Financials went down by 0.29 percent, industrial by 0.96 percent, services by 0.65 percent, mining and oil by 1.29 percent, and property by 1.24 percent.

Market pundits said investors were worried over the depreciation in the peso resulting in the sell-down. As a result, net foreign selling amounted to P1.316 billion, on foreign buying of P1.994 billion and foreign selling of P3.310 billion.

Value turnover hit P6 billion. There were 80 gainers, 128 losers, and 32 shares unchanged.

Among the gainers were Ayala Land, Aboitiz Equity, Metrobank, D&L Industries, SMC food and beverage, Figaro Coffee, PLDT, Globe Telecom, Universal Robina, CEMEX Holdings, Century Properties, Converge, Belle Corp., Robinsons Retail, ABS-CBN, and GMA-7, while those unchanged were Alternergy, SPNEC, Ginebra, Megaworld, Philex Mining and Philodrill.

The losers were BDO Unibank, Bank of PI, PNB,  Security Bank, San Miguel, Alliance Global, DMC Holdings, Ayala Corp., Megawide, First Gen, Meralco, Manila Water, AgriNurture, Acen Corp., Aboitiz Power, Jollibee Foods, Century Food, Oceana Gold, Atlas Mining, Nickel Asia, Apex Mining, Wilcon Depot, DigiPlus, Roxas and Co., Basic Energy, Century Food, Emperador, Semirara Mining, Syngergy Grid, SM Prime, GT Capital, JG Summit, Citicore RT and Dito CME.