PSE Index Down On U.S. Cues

The Philippine Stock Exchange (PSE) index declined for the third consecutive day, following cues from the US as the Dow Jones fell due to a drop in its manufacturing sector.

The Philippine Stock Exchange (PSE) Index, September 4, 2024

The PSE index ended Wednesday's trading at 6,882.12 points, down by 0.80 points or 0.01 percent.

Also contributing to the index's decline was the projected decrease in energy demand, which led to a significant 4 percent drop in crude oil prices due to a slowdown in China’s economy.

As a result, the industrial, holding firms, and services sectors lost 1.02 percent, 0.09 percent, and 0.20 percent, respectively.

The index dipped to a milestone level at 6,759.93 points but recovered due to subsequent bargain hunting. Market bellwether SM Investments lost P4.50 to close at P900.

High-flying Citystate Savings also declined by 4.63 percent to P12.78, down by 62 centavos.

One positive note was the P145 million net buying from foreign investors, with total purchases amounting to P2.621 billion and sales at P2.476 billion. Value turnover reached P5.5 billion, with foreign trades accounting for P5.09 billion of the total.

There were 76 gainers, 113 losers, and 54 unchanged shares. ICTSI was the most active, with P525 million as it declined by 60 centavos to P398, followed by Universal Robina with P397 million, which lost 95 centavos to close at P89.85.

Among the losers were Jollibee Foods, Ayala Land, AREIT, PLDT, Greenergy, ACEN Corp, Metrobank, PNB, JG Summit, Robinsons Land, Figaro Coffee, D&L Industries, Meralco, Globe Telecom, Converge, PAL, Cebu Air, Belle Corp, and Bloomberry.

Gainers included BDO Unibank, DigiPlus, Ayala Corp, Philweb, Roxas and Co., Emperador, SPNEC, Manila Water, Security Bank, East West, Aboitiz Power, Puregold, Philex Mining, and Apex Mining.

Meanwhile, shares of Union Bank, DITO CME, Wilcon Depot, Alternergy, Atlas Mining, and Union Bank remained unchanged.