PSE Index Hiccups To Decline

The Philippine Stock Exchange (PSE) Index declined today after an early rise that attempted, for the third time, to break the resistance level only to crumble at the end, succumbing to a sell-off and closing at its lowest point at 6,630.68 points, marking a loss of 55.41 points or 0.83 percent.

The Philippine Stock Exchange (PSE) Index, January 29, 2024

Opening at a high of 6,680.68 points and rising almost 9 points later, the index plummeted in a free fall with all sub-indices closing in the red. There were 103 losers against 64 winners, with 61 shares unchanged, and the value turnover at P4.22 billion.

Only two of the Top 10 traded stocks gained ground: BDO Unibank, the most active with P513 million in trades, rose by 10 centavos to P144.90, and Universal Robina, up 50 centavos to P113.

Foreign buying amounted to P2.132 billion, while foreign selling hit P1.672 billion, resulting in net foreign buying of P459 million. Market bellwether SM Investments led the losers, down P3 to P922.

Other losers included Globe Telecom, Bank of the Philippine Islands, Jollibee Foods, Ayala REIT, Ayala Corp, Ayala Land, Security Bank, Manila Water, Megawide, Aboitiz Power, Aboitiz Equity, Monde Nissin, JG Summit, and GT Capital.

Among the gainers were Union Bank, First Gen, Synergy Grid, Cebu Air, Century Food, SMC Food and Beverage, DMC Holdings, and Petron. Unchanged were ACEN Corp, Semirara Mining, Axelum, Albacore Capital, and LT Group.

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