PSE Index Down Another Milestone Level

The Philippine Stock Exchange (PSE) index retreated today by another significant level to 6,745.46 points, declining by a hefty 81.60 points or 1.20 percent, erasing its prospects for reaching the 7,000-point goal in at least a month.

The Philippine Stock Exchange (PSE) Index, April 5, 2024

Only the services sub-index posted a gain, albeit a paltry 0.008 percent, while property dropped by a substantial 3.30 percent, with property giants Ayala Land and SM Prime declining respectively by 4.97 percent to P30.60 and 3.16 percent to P30.60.

Financials fell by 0.26 percent, industrial by 0.97 percent, holding firms by 1.40 percent, and mining and oil by 1.71 percent. Market bellwether SM Investments closed at P975, down by P5, with trades totaling P647 million, emerging as the most active for the day.

Value turnover amounted to P14.26 billion, bolstered by a bloc sale of Robinsons Land Commercial REIT amounting to P8.41 billion on 1.725 billion shares transacted at P4.92. The shares closed at P5.01, down by 18 centavos.

Foreign selling reached P2.578 billion against foreign buying of P2.057 billion, resulting in net foreign selling of P521 million.

There were 118 losers, 68 gainers, and 47 shares unchanged. The sell-down occurred despite inflation being at just 3.7 percent for March.

Among the losers were Jollibee Foods, Bank of the Philippine Islands, Aboitiz Equity Ventures, Ayala Corp, Security Bank, Union Bank, Metrobank, PNB, ACEN Corp, Alternergy, Meralco, Megawide, Manila Water, DMC Holdings, GT Capital, JG Summit, San Miguel Corp, DoubleDragon, Megaworld, Nickel Asia, ABS-CBN, GMA 7, Cebu Air, Belle Corp, Bloomberry, and AgriNurture.

The gainers included ICTSI, DigiPlus, BDO Unibank, SPNEC, Monde Nissin, DITO CME, PAL, Roxas and Company, Atlas Mining, and Benguet A and B. Unchanged were Synergy Grid, Axelum, and Figaro Coffee.

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