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The Philippine Stock Exchange (PSE) index declined to another milestone level in a sell-off, closing at 6,677.65 points, down by 63.42 points or 0.94 percent, due to the lack of positive economic news to drive it forward.
The Philippine Stock Exchange (PSE) Index, April 11, 2024
Among the sectors, holding firms dropped by 0.95 percent, while market bellwether SM Investments gained P1 to close at P971. Services declined by 0.37 percent, property by 3.54 percent, and industrial by 1.19 percent.
Financials rose by 1.10 percent, and mining and oil by 1.03 percent. Net foreign selling amounted to P222 million, with foreign buying of P3.361 billion and foreign selling of P3.583 billion.
The market downturn was attributed to the absence of a catalyst in the economic sphere, with the Bangko Sentral refraining from acting on interest rates due to fears of rising inflation.
Philippine National Bank's property firm, PNB Holdings, postponed its listing by way of introduction due to market conditions. PNB shareholders were set to receive property dividends in the form of shares of stock in PNB Holdings, which would then be listed.
Losers outnumbered gainers, with 134 shares declining compared to 57 shares advancing, while 50 shares remained unchanged. Ayala Land was the most active stock, with P1.17 billion in trades, declining by 5.21 percent to P28.50, down by P1.55.
Metrobank was the second most active, with P595 million in trades, rising by P1.50 to P69.50.
Value turnover totaled P6.705 billion. Among the gainers were Atlas Mining, Metrobank, ICTSI, Bank of PI, Double Dragon, Synergy Grid, Security Bank, Nickel Asia, GMA7, and Petron, while among those unchanged were Alternergy, Manila Water, DMC Holdings, Cosco Capital, Dito CME, Premium Leisure, and Puregold.
The losing stocks included SM Prime, Ayala Corp., JG Summit, Aboitiz Equity, Union Bank, BDO Unibank, DigiPlus, Alliance Global, Acen Corp, Aboitiz Power, Robinsons Land, Emperador, Megawide, and LT Group.
Closing out the red list were Monde Nissin, Aboitiz Power, Belle Corp., Bloomberry, Axelum, AgriNurture, Globe Telecom, PLDT, Converge, SPNEC, Universal Robina, San Miguel, Megaworld, Jollibee Foods, and LT Group.
