PSE Index Down Only Slightly Despite Closing At Lowest Level

The Philippine Stock Exchange (PSE) index closed Thursday at 7,388.92 points, its lowest level, down by 13.89 points or 0.19 percent, after hitting a high of 7,470.29 points.

The Philippine Stock Exchange (PSE) Index, October 3, 2024

Profit-taking led to mixed trading performance, although foreign investors remained net buyers, boosting hopes that the index may soon breach the 7,500-point resistance level. Financials rose by 0.24 percent, industrials by 0.38 percent, and mining and oil gained 2.57 percent.

However, services lost 0.34 percent, property declined by 0.02 percent, and holding firms fell by 0.24 percent, nudging the market downward.

Index-heavy holding companies, including market bellwether SM Investments, contributed to the decline, as SM closed down P4 at P983 after reaching a high of P994 and a low of P976.50 due to profit-taking.

Value turnover amounted to P7.375 billion, with foreign investors continuing to be net buyers at P285 million. Foreign buying totaled P4.19 billion, while foreign selling reached P3.906 billion.

There were 124 gainers, 83 losers, and 49 unchanged stocks. BDO Unibank was the most active, with trades exceeding a billion pesos. It closed at P156.90, down by P3.90 or 2.43 percent, as foreign selling reached P245 million.

Among the gainers were Bank of the Philippine Islands (BPI), China Bank, Metrobank, Jollibee Foods, GT Capital, Nickel Asia, Oriental Petroleum, Philodrill, Security Bank, Haus Talk, and Dito CME.

Also joining the list of stocks in the green were ACEN Corp., Shakey's Pizza, DMC Holdings, Aboitiz Power, Vitarich, Century Pacific Food, Meralco, Manila Water, Megaworld, Bloomberry, PLDT, Synergy Grid, Puregold, SSI Group, Nickel Asia, Citicore Renewable Energy, First Gen, Petron, Shang Properties, and Metro Retail.

The losers included East West Bank, Citystate Bank, PNB, Union Bank, Robinsons Retail, Wilcon Depot, Philex Mining, OceanaGold, LT Group, Roxas and Co., Apex Mining, Megawide, San Miguel, PAL, ICTSI, Globe Telecom, Axelum, MREIT, Figaro Coffee, Ginebra, JG Summit, and Universal Robina.

Unchanged stocks included Emperador, Filinvest Development, Cosco Capital, Century Properties, Belle Corp., Philippine Seven Corporation, SPNEC, Converge, Fruitas, and Alternergy.