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  • Writer's pictureBy The Financial District

PSE Index Declines To Edge Closer To Support Level

The Philippine Stock Exchange (PSE) index declined again and is within just 10 points of breaching its support level, amid another day of massive foreign selling despite reduced trades to half the average.

The Philippine Stock Exchange (PSE) Index, June 11, 2024

The index on Tuesday closed at 6,410.07 points, down by 48.57 points or 0.75 percent.

Analysts fear that the PSE may drop to as low as 6,100 points if sluggish trading continues and foreign investors persist in selling off as the US Fed maintains a hawkish stance on interest rates, bolstered by additional job creation signaling a potential inflationary spiral.

Central banks worldwide are struggling to contain inflationary spikes that erode citizens' purchasing power.

All sub-indices posted losses, with services experiencing the biggest decline of 1.79 percent.

The most active issue, International Container Terminal Services Inc. (ICTSI), with trades of PHP 415 million, went down by 2.51 percent. Globe Telecom, PLDT, and Converge also declined.

Mining and oil lost 1.47 percent, property fell by 1.02 percent, and financials and industrials were down by 0.29 percent each. Holding firms retreated by 0.33 percent.

Market bellwether SM Investments declined by another peso, similar to Monday. The value turnover amounted to PHP 3.2 billion, with 82 gainers, 99 losers, and 43 shares unchanged.

Foreign buying amounted to PHP 1.255 billion, while foreign selling hit PHP 1.998 billion, resulting in a net foreign selling of PHP 742.9 million.

Among the losers were Cebu Air, PAL, Bloomberry, DigiPlus, Phil. Seven, Wilcon Depot, Apex Mining, Atlas Mining, Nickel Asia, Philex Mining, Oriental Petroleum, Monde Nissin, and Bank of the Philippine Islands (BPI).

ABS-CBN, GMA-7, Manila Water, Agrinurture, Axelum, Emperador, Figaro Coffee, Roxas and Co., Universal Robina, CEMEX Holdings, Megawide, Robinsons Land, Abacore, Megaworld, MREIT, DMCI Holdings, GT Capital, JG Summit, San Miguel, LT Group, and DoubleDragon also closed in the red.

The gainers included Jollibee Foods, PNB, Security Bank, Union Bank, First Gen, OceanaGold, Puregold, Alliance Global, Meralco, SMC Food and Beverage, Belle Corp., Dito CME, AREIT, Cosco Capital, and Ayala Land.

Those unchanged were Aboitiz Equity, BDO Unibank, Alternergy, Petron, Shell Pilipinas, SPNEC, D&L Industries, and Ginebra.


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