PSE Index Hiccups To Go Down A Level

The Philippine Stock Exchange (PSE) index declined Wednesday to 6,489.35 points, dropping by 67.31 points or 1.03 percent, with all sub-indices in the red, although volume turnover was slightly above average.

The Philippine Stock Exchange (PSE) Index, July 10, 2024

Market bellwether SM Investments mirrored the trading activity. It opened at its highest price point of P858.50 and gradually declined as the day progressed to close at P846.50. The index remained above the 6,500-point level until 30 minutes before the close of trading.

Financials lost 0.51 percent, industrials fell by 1.64 percent, holding firms decreased by 0.86 percent, services dropped by 0.93 percent, mining and oil declined by 1.56 percent, and property was down by 1.02 percent.

Foreign investors were net sellers, with a net sell amount of P202 million on foreign buying of P4.077 billion and foreign selling of P4.280 billion.

Value turnover was slightly above average at P6.218 billion, with foreign investors engaging in buying and selling for trading gains. Still, the market maintained its sideways stance and is awaiting the Bangko Sentral's August rate cut before any potential optimism arises.

Losers outnumbered gainers, 111 to 62, with 62 shares unchanged. PLDT bucked the trend to close higher while small-cap stocks posted gains.

Among the gainers were BDO Unibank, China Bank, Alternergy, Security Bank, Petron, SPNEC, AgriNurture, DigiPlus, and PAL. The unchanged stocks included Universal Robina, Megaworld, Philodrill, Union Bank, Semirara Mining, Axelum, and Ginebra.

Among the losers were Bank of PI, EastWest, Metrobank, PNB, Philippine Stock Exchange, Century Food, D&L Industries, Emperador, Figaro Coffee, Nickel Asia, Apex Mining, Atlas Mining, Philex Mining, Globe Telecom, Monde Nissin, Jollibee Foods, Meralco, Manila Water, JG Summit, Ayala Land, SM Prime, Converge, DITO CME, MRC Allied, First Gen, Aboitiz Power, Roxas and Co, GT Capital, and Cebu Air.