PSE Index Plunges

The Philippine Stock Exchange (PSE) index today experienced a significant drop, falling below its support level.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 19, 2023

A majority of the blue-chip stocks suffered losses, with a sell-off occurring right from the market's opening, through the midday recess, and until the close of the day.

The index concluded the day with a substantial decline of 76.60 points, representing a 1.25 percent decrease, reaching a level of 6,047.97 points, which is below its support at 6,050 points.

Index-heavy holdings showed a notable decline of 1.43 percent, reflecting the prevailing bearish sentiments impacting the PSE.

Market bellwether SM Investments closed at P801, down by P9 or 1.11 percent, Ayala Corp also experienced a decline of P12.50 or 2.01 percent, closing at P610, while JG Summit dropped by P1.50 to P35.70, marking a loss of 4.03 percent. Aboitiz Equity remained unchanged at P45.70.

The property sector recorded the most substantial loss, declining by 2.18 percent, with SM Prime falling by 1.88 percent to P28.70 (a loss of P0.55 centavos), and Ayala Land decreasing by 3.60 percent, dropping by one peso to P26.80.

Other sectors also witnessed declines: Services decreased by 0.70 percent, financials by 0.36 percent, industrials by 1.14 percent, and mining and oil by 0.68 percent.

Aboitiz Power emerged as the most active stock, with trades amounting to P622 million, and it fell to P30.40, a loss of P1.30 or 4.1 percent. Conversely, BDO Unibank defied the sell-off trend, rising by 30 centavos to P129.80 on trades totaling P305 million.

The total value turnover for the day reached P3.6 billion, with 42 gainers, 128 losers, and 43 shares remaining unchanged.

Net foreign selling amounted to P566 million, driven by foreign buying of P1.14 billion and foreign selling of P1.71 billion.

The index started at 6,087 points during early trading and remained above its support level, at 6,060.36 points, for the first 15 minutes. However, it succumbed to the sell-off during the midday market recess, settling at 6,045.41 points.

Among the notable losers were GT Capital, falling by P21.50 to P565, Bank of PI dropping by P1.70 to P106.30, Semirara Mining losing 20 centavos to P34.80, Meralco declining by P2.60 to P360, Converge decreasing by 20 centavos to P8.50, PNB down by 10 centavos to P18.40, Jollibee Foods declining by 40 centavos to P229.60, while Atlas Mining remained unchanged at P3.05.

On the other hand, among the gainers were NickelAsia, which rose by 6 centavos to P5.16, Metrobank, up by 50 centavos to P52.50, and Century Pacific Food, which increased by 5 centavos to P29.

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