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  • Writer's pictureBy The Financial District

PSE Index Plunges On Foreign Selling

Heavy foreign selling in stocks led to a significant decline in the Philippine Stock Exchange (PSE) index on Thursday, plummeting by more than 70 points.

The Philippine Stock Exchange (PSE) Index, December 7, 2023

All sub-indices posted significant losses following the downturn in the US market, closing at a milestone level of 6,234.77 points, down by 71.08 points or 1.13 percent. Foreign selling amounted to P2.065 billion, while foreign buying reached P1.654 billion, resulting in a substantial net foreign selling of P410 million.

The financials sector experienced the most significant decline with a 1.53 percent drop, followed by services down by 1.36 percent.

Holding firms lost 1.10 percent, mining and oil, and property down by an identical 0.50 percent, and industrial down by 0.47 percent. Shares initially rose at the opening bell but later lost ground due to a sell-down.

Market bellwether SM Investments closed P2 lower at P826 after reaching a high of P830.50. BDO Unibank, the most active stock with trades of P442 million, closed P2.80 down at P126.90, a loss of 2.16 percent.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

ICTSI went down by P6 to P229 but rose to a high of P234, while SM Prime had a volatile run, ranging from a low of P32.50 to a high of P33.20 before closing at P32.65, down by 35 centavos.

Among the Top 10 most active stocks, only GT Capital survived the market rout, closing P5.50 up at P557, despite having a low of P550 and a high of P560. Total value turnover amounted to P3.66 billion, with 83 gainers, 82 losers, and 49 shares unchanged.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Gainers included Aboitiz Power, up by 40 centavos to P37.90, Metrobank, up by 60 centavos to P51.45, and Robinsons Land, up by 6 centavos to P15.06. ACEN Corp remained unchanged at P4.60, while Ayala Land also remained unchanged at P31.40.

Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

Among the losers were Security Bank, down by 45 centavos to P69.85, Ayala Corp, down by P20.50 to P640, Cebu Air, preferred down by 10 centavos to P31.20, JG Summit, down by P1.10 to P37.80, Bank of PI, down by P2.60 to P101.90, Converge, down by 20 centavos to P8, Bloomberry, down by 4 centavos to P9.60, and Alternergy, down a centavo to P0.76.

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