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  • Writer's pictureBy The Financial District

PSE Index Hit By Hefty Decline

The Philippine Stock Exchange (PSE) index today posted a hefty decline, dropping to a milestone level before recovering at the close to 6,501.34 points, down by 70.26 points or 1.07 percent.

The Philippine Stock Exchange (PSE) Index, May 28, 2024

Market veterans fear the index may test the 6,400 support level should there be no fresh catalyst to induce investors to buy in, as the peso depreciation, high inflation numbers, and expected growth at the low end of projections hang over the market.

Four sub-indices posted losses above one percent, with the financials and the mining and oil sectors bucking the trend as they rose by 1.00 percent and 1.49 percent, respectively.

Property went down by 1.84 percent, services by 1.54 percent, holding firms by 1.41 percent, and industrial by 1.53 percent. Bank stocks recovered, while mining shares pushed the index higher on gold speculation, benefiting new IPO OceanaGold.

Market bellwether SM Investments was down.

Value turnover amounted to P5.2 billion, with 93 gainers, 102 losers, and 35 shares unchanged. Net foreign selling hit P784 million on foreign buying of P2.118 billion and foreign selling of P2.903 billion.

Ayala Land was the most active stock with P660 million, as it lost 4.75 percent to P27.10, followed by ICTSI with P448 million in trades, as it went down by 3.26 percent to P338.60.

BDO Unibank spearheaded the banking stocks with a P420 million value turnover, adding 20 centavos to P135.

Other bank stocks that rose were Bank of PI, Metrobank, Security Bank, Union Bank, and EastWest.

Other gainers were Keppel Properties, PLDT, Wilcon Depot, GMA-7, ABS-CBN, Apex Mining, Atlas Mining, Philex Mining, Nickel Asia, Aboitiz Power, First Gen, Alliance Global, LT Group, DoubleDragon, Roxas and Co., Axelum, AgriNurture, Digiplus, Bloomberry, Belle Corp, and D&L Industries.

Unchanged were Alternergy, Century Food, Megawide, EEI, Abacore, and Citicore REIT.

The losing stocks were Aboitiz Equity, San Miguel, Ayala Corp., ACEN Corp., Basic Energy, Petron, Meralco, Manila Water, Synergy Grid, SPNEC, Robinsons Land, AREIT, JG Summit, GT Capital, Universal Robina, Ginebra, Shell Pilipinas, Cebu Air, PAL, Puregold, Philodrill, Globe Telecom, and DITO CME.


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