PSE Index Declines On Barrage Foreign Selling

The Philippine Stock Exchange (PSE) experienced a decline, reaching 6,469.23 points, down by 51.52 points or 0.79 percent.

The Philippine Stock Exchange (PSE) Index, December 21, 2023

The financials sub-index was the only one to see gains, rising by 0.70 percent, while other sub-indices recorded losses: industrial by 0.86 percent, holding firms by 0.82 percent, services by 1.34 percent, mining and oil by 0.53 percent, and property by 1.65 percent.

A significant factor in the decline was attributed to a substantial amount of foreign selling, marking the first time it reached over a billion in more than a year.

Net foreign selling amounted to P1.81 billion, with foreign buying of P1.475 billion and foreign selling of P3.287 billion. The value turnover was at P8.64 billion, with 71 gainers, 122 losers, and 46 shares remaining unchanged.

Among the most active stocks, ACEN Corp experienced significant trades, falling by 7.94 percent to P3.71. Ayala Land and SM Prime, both property giants, recorded losses of 15 centavos to P33.85 and P1 to P33, respectively, contributing to the property sub-index's significant loss of 1.65 percent.

Only two of the top 10 traded stocks posted gains: BDO Unibank, up by P1.40 to P130.40, and GT Capital, up by P6 to P585. SM Investments, ICTSI, East West Bank, Ayala Corp, and Universal Robina posted losses.

Gainers included Converge, Axelum, Semirara Mining, and Aboitiz Power, while Bloomberry, Security Bank, Globe Telecom, and PLDT incurred losses.

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