PSE Index Declines After Hitting 7,000-Point Level

The Philippine Stock Exchange (PSE) index declined today due to profit-taking after it surged in the early trading session, reaching the much-hyped 7,000-point milestone, only to close at 6,960.43 points, down by 19.38 points or 0.28 percent.

The Philippine Stock Exchange (PSE) Index, April 2, 2024

Initially, the index soared to 7,051.07 points at market recess with all sub-indices posting remarkable gains.

However, as swing traders pocketed their profits, the index reversed direction, and shares began tumbling down after reaching higher price points.

For example, Ayala Corp reached a high of P665 before closing at P646, JG Summit climbed to P36.75 but closed lower at P35.60, and BDO Unibank, the second most active with P523 million, reached a high of P160 before closing at a loss of P154.

Market bellwether SM Investments, however, weathered the selling pressure to close with a P1 advance at P991, although it reached a high of P1,010.

Financials lost 1.07 percent after initially gaining 0.89 percent at market recess. Industrial sectors showed minimal growth of 0.02 percent but rose to 0.66 percent during market recess.

Holding firms lost 0.85 percent, and property was down by 0.05 percent. On the other hand, services were up by 1.47 percent, and mining oil gained 0.40 percent.

Value turnover amounted to P6.53 billion with 105 losers, 88 gainers, and 45 shares unchanged. Foreign buying amounted to P3.4 billion while foreign selling reached P2.622 billion, resulting in a net foreign buying of P781 million.

Among the gainers were ICTSI, Metrobank, GT Capital, Monde Nissin, DMC Holdings, Metro Retail, Security Bank, Alternergy, LT Group, SM Prime, Emperador, Aboitiz Power, and Philodrill.

Meanwhile, shares that remained unchanged included PNB, Synergy Grid, SPNEC, ABS-CBN, Globe Telecom, Dito CME, Atlas Mining, and Nickel Asia.

The losers of the day were Bank of PI, Jollibee Foods, Ayala Land, Union Bank, ACEN Corp, First Gen, Meralco, PLDT, Manila Water, Cebu Air, Axelum, Abacore, and Semirara Mining.

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