PSE Index In Deep Plummet

The Philippine Stock Exchange (PSE) index experienced a significant decline today, marking a milestone level drop due to a substantial sell-off, leading to its closure at its lowest point of 6,798.61 points, a loss of 74.60 points or 1.09 percent.

The Philippine Stock Exchange (PSE) Index, February 19, 2024

All sub-indices were in negative territory, with four of them experiencing losses exceeding one percent. Industrials declined by 1.52 percent, holding firms were down by 1.01 percent, services by 1.24 percent, and property by a substantial 1.71 percent.

Financials saw a minor decline of just 0.03 percent, with the top traded bank, BPI, registering a value turnover of ₱398 million, rising by ₱1.70 or 1.48 percent to ₱116.70. Meanwhile, mining and oil declined by 0.16 percent.

Among the top 10 active stocks, seven were down, while two others, Jollibee Foods and Bloomberry, remained unchanged. Market bellwether, SM Investments, closed at its lowest point, ₱900, down by ₱5 but fluctuated between ₱906 and then surged to ₱917.50 as the sell-down occurred.

The index initially surged to 6,901.61 points before the unexpected sell-down took place, surprising investors.

Total trades amounted to just ₱4.2 billion, with 59 gainers, 134 losers, and 49 shares remaining unchanged.

Analysts were taken aback by the significant decline, especially as they were eyeing a potential run to 7,500 points for the index. Apart from BPI, other gainers included Atlas Mining, Cebu Landmasters, PAL Holdings, and DDMP REIT.

Foreign buying amounted to ₱2.071 billion, while foreign selling reached ₱1.732 billion, resulting in net foreign buying of ₱339 million.

Property giants Ayala Land and SM Prime were among the shares affected by the emerging political noise, resulting in sell-offs.

Other losers included BDO Unibank, Security Bank, Ayala Corp, ICTSI, Emperador, Monde Nissin, Semirara Mining, Meralco, Aboitiz Power, DMCI Holdings, LT Group, San Miguel, Robinsons Land, Globe Telecom, PLDT, ACEN Corp, Metrobank, and PNB.

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