PSE Index In Sustained Sluggishness

The Philippine Stock Exchange (PSE) index declined further on Tuesday, reaching 6,618.58 points, down by 33.19 points or 0.51 percent.

The Philippine Stock Exchange (PSE) Index, May 7, 2024

This drop followed a sell-down triggered by a surge that nearly pushed the index to another milestone level earlier in the session.

Investors opted to unload shares in property and holding firms, capitalizing on their gains from the surge, which led to a reversal in these indices after briefly pushing the index to a high of 6,691.68 points.

At the close, property and holding firms recorded losses of 2.66 percent and 0.49 percent, respectively, contributing to the overall downturn. Financials also saw a decline of 0.87 percent. In contrast, industrials rose by 0.91 percent, services were up by 0.97 percent, and mining and oil gained 2.25 percent.

Value turnover almost doubled the average, reaching P11.49 billion, primarily due to transactions related to the tender offer on Premium Leisure Corp, amounting to almost P6 billion.

The market saw 86 gainers, 98 losers, and 54 shares remaining unchanged.

Among the shares affected by the sell-down were JG Summit, which reached a high of P33.15 before closing at P31.60, down by P1.05. Bank of PI rose to a high of P127.90 before closing P2 lower at P125.

Ayala Land reached a high of P27.20 before closing at P26.50, down by 30 centavos, while SM Prime climbed to P27.80 before dropping to P26, down by P1.35.

Notable gainers included market bellwether SM Investments, ICTSI, Universal Robina, Jollibee Foods, ACEN Corp, AgriNurture, Meralco SPNEC, ABS-CBN, GMA7, Cebu Air, Axelum, and D&L Industries.

On the other hand, notable losers were Ayala Corp, Metrobank, DITO CME, Petron, Globe Telecom, DigiPlus, and Robinsons Land.

Shares such as BDO Unibank, Security Bank, Alternergy, Philodrill, PAL, Manila Water, and Basic Energy remained unchanged. Foreign activity saw buying amounting to P3.368 billion and selling at P4.25 billion, resulting in a net foreign selling of P890 million.