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The Philippine Stock Exchange (PSE) index declined, closing at 6,609.22 points, down by 20.42 points or 0.31 percent.
The Philippine Stock Exchange (PSE) Index, January 8, 2024
Investors engaged in profit-taking, cashing in gains from mid-trade, resulting in losses for financials, holding firms, services, and mining and oil sectors. Only the property and industrial sectors survived the sell-down.
Top-traded BDO Unibank mirrored the day's trading performance, reaching a high of P136.40 after opening at P134, then declining to a low of P132.30 due to profit-taking, down by 80 centavos, with trades of P366 million.
Market bellwether SM Investments also lost ground, decreasing by P6 to P890 at the close after reaching a high of P904.50 and a low of P889.50.
Market analysts anticipate difficulty in penetrating the resistance level of 6,700 points for the PSE index, with a bias toward a decline in market breadth. Foreign investors remained net buyers, amounting to P160 million, with foreign buys of P2.12 billion and foreign sells of P1.96 billion.
Value turnover was low at P4.27 billion, with 99 gainers, 93 losers, and 51 shares unchanged.
The property sector was up by 0.18 points, with Ayala Land and SM Prime showing opposite trading performance. Ayala Land decreased by 30 centavos to P34, while SM Prime increased by 40 centavos to P33.50.
The industrial sector also gained by 0.17 percent, while financials declined by 0.45 percent, holding firms by 0.53 percent, services by 0.43 percent, and mining and oil by 0.41 percent.
Among the losers were BDO Unibank, Security Bank, Metrobank, Bank of the Philippine Islands, Aboitiz Power, Meralco, AgriNurture, Jollibee Foods, Ayala Corp., Robinsons Land, San Miguel, Globe Telecom, ICTSI, and Bloomberry.
Stocks unchanged included SPNEC, Emperador, PLDT, Wilcon Depot, and Citicore REIT. Gainers included Converge, ACEN., Semirara Mining, Century Pacific Food, Axelum, Aboitiz Equity, SSI Group, EEI, Alliance Global, Ferro Nickel, GT Capital, and Robinsons Retail.
