PSE Index In Free-fall On Foreign Selling

The Philippine Stock Exchange (PSE) index experienced a significant downturn today due to foreign selling, closing at 6,881.97 points, down by 81.25 points or 1.17 percent.

The Philippine Stock Exchange (PSE) Index, January 3, 2024

Analysts described it as a healthy correction as the market anticipates reaching the 7,000-point level.

Only the industrial sector, up by 0.43 percent, and mining and oil sectors posted gains. Financials declined by 0.17 percent, holding firms by 0.38 percent, property by 1.62 percent, and services by 4.33 percent, as foreign investors cashed in their gains.

There was net foreign selling of P570 million, a substantial amount not seen in a month, with foreign buying of P2.48 billion and foreign selling of P3.05 billion.

Losers outnumbered gainers, with 111 losers against 80 gainers, while 52 shares remained unchanged. Market bellwether SM Investments closed at P980, although its high price point was P10 higher.

Value turnover amounted to P5.86 billion. Selling intensified after the market reopened following the one-hour lunchtime recess.

During the recess, financials were up by 0.31 percent, but ended lower with a loss of 0.17 percent, while holding firms' losses widened from 0.09 percent to 0.38 percent, leading to the market rout.

Among the gainers were Metrobank, Universal Robina, DigiPlus, Semirara Mining, Philodrill, Nickel Asia, Meralco, Basic Energy Manila Water, Megawide, DMC Holdings, Axelum, and AgriNurture

Those unchanged included Globe Telecom, GMA 7, Premium Leisure, PNB, SPNEC, Figaro Coffee, Petron, Robinsons Land, Haus Talk, Alternergy, and Cebu Air.

Security Bank and Jollibee Foods led the losers. Other losing shares were Acen Corp., PLDT, Ayala Corp., PAL, Belle, Bloomberry, Converge, Dito CME, Apex Mining, Atlas Mining, Century Food, Areit, Monde Nissin, Puregold, Ayala Land, SM Prime, BDO Unibank, Bank of PI, Philex Mining, and GT Capital.

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