PSE Index Falls To Milestone Level

The Philippine Stock Exchange (PSE) experienced a significant decline today, closing at 6,646.55 points, marking a loss of 53.94 points or 0.81 percent.

The Philippine Stock Exchange (PSE) Index, May 2, 2024

The downturn was attributed to foreign investors selling more shares than they bought, contributing to declines in five out of the six sub-indices.

During trading hours, the index reached a high of 6,759.50 points before dropping to a low of 6,634.84 points, accompanied by below-average value turnover.

Among the sub-indices, financials, industrial, holding firms, mining and oil, and property sectors all recorded losses, while the services sector, led by port giant ICTSI, posted a notable 5.14 percent increase to P348, representing the sole gainer with a rise of 2.12 percent.

Total value turnover amounted to P4.77 billion, with 76 gainers, 110 losers, and 54 shares remaining unchanged. Notably, foreign investors were net sellers, with foreign buying amounting to P2.364 billion and foreign selling reaching P2.452 billion, resulting in a net foreign selling of P87 million.

Market bellwether SM Investments saw a decline of 5.14 percent or P17 to P348 and emerged as the most actively traded stock with P635 million in trades.

Other prominent losers included GT Capital, Jollibee Foods, Meralco, Manila Water, Ayala Corp., Ayala Land, Steniel, Aboitiz Power, Megaworld, Robinsons Land, Cebu Air, and PAL.

Converge, PLDT, Apex Mining, Atlas Mining, Puregold, SSI Group, Nickel Asia, Alliance Global, Aboitiz Equity, SMC Food and Beverage, Security Bank, PNB, Roxas and Co., Monde Nissin, Aboitiz Equity, ACEN Corp., and JG Summit also slumped.

On the other hand, some gainers included Abacore Holdings, PhilSeven, Wilcon Depot, Philex Mining, Megawide, Figaro Coffee, DITO CME, Union Bank, Alternergy, Digiplus, Metrobank, and Figaro Coffee.

Meanwhile, stocks such as SM Prime, Bank of PI, SPNEC, Basic Energy, Rockwell, Cebu Landmasters, and Rockwell remained unchanged.

Analysts anticipate the market to have a sideways bias amid the US Fed's decision to maintain the interest rate steady due to inflation concerns.