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  • Writer's pictureBy The Financial District

PSE Index Pummeled By Bearish Sentiments

The Philippine Stock Exchange (PSE) index encountered bearish sentiments, with all sub-indices showing declines and a substantial decrease in value turnover by 78.3%.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 13, 2023

The unexpected GDP growth of 5.9% did not positively impact investors. Foreign investors were net sellers, amounting to P270 million, nearly a fourth of total trades.

Despite the surprising GDP growth leading Fitch Ratings to revise its estimate higher, the PSE index concluded with a 0.74% decline, down by 45.75 points. The mining and oil and services sub-indices experienced respective declines of 1.41% and 1.28%.

Analysts struggled to explain the sudden lack of interest in the market.

Converge emerged as the most active stock, facing a significant loss of 4.45% at P8.38, down by 39 centavos, attributed to its disclosure of lower third-quarter financial results. Other notable losses included Globe Telecom, PLDT, and Dito CME, contributing to the services sub-index's second-biggest loss.

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

Financials, industrials, holding firms, and property also recorded declines by 0.74%, 0.40%, 0.39%, and 0.90%, respectively. The market saw 57 gainers, mostly with small trades for second and third-liners, while 106 stocks recorded losses and 52 remained unchanged.

Value turnover was notably low at just P1.373 billion.

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

Among the top 10 active stocks, only GT Capital posted a gain, rising by P2 to P540. Other gainers included Metrobank, Emperador, Alliance Global, Megaworld, and Philex Mining. Security Bank, losing 3.24% to P71.60, was among the declining banks, alongside Bank of PI and BDO Unibank.

Rounding out the list of prominent losers were Meralco, Jollibee Foods, Ayala Corp, Bloomberry, JG Summit, Robinsons Land, Semirara Mining, Wilcon Depot, and Nickel Asia.

The market's overall performance raised concerns among analysts, given the upcoming Christmas season.

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