PSE Index Remains In Red Territory

The Philippine Stock Exchange (PSE) index declined again Tuesday as index-heavy holding firms fell, with market bellwether SM Investments pulling down other listed conglomerates to close at 6,358.96 points, down by 39.81 points or 0.62 percent.

The Philippine Stock Exchange (PSE) Index, July 2, 2024

Holding firms lost 1.09 percent, financials declined by 1.42 percent, and property went down by 0.32 percent.

In contrast, industrial went up by just 0.02 percent, mining and oil by 1.53 percent, and services by 0.34 percent. Joining SM Investments in the decline were Ayala Corp., Aboitiz Equity, Alliance Global, LT Group, JG Summit, Cosco Capital, and DMC Holdings.

Losers outnumbered gainers, 110 to 65, with 48 shares unchanged. Value turnover remained below average at just P3.93 billion, with foreign trades accounting for P4.2 billion.

There was a net foreign selling of P310 million, with foreign buying at P1.958 billion and foreign selling at P2.268 billion.

Analysts see the index being biased for sideways movement as sluggish sentiments continue with a lack of catalysts to propel the market.

Among the gainers were ICTSI, Steniel, Phil. Seven, Benguet A., China Bank, PNB, Alternergy, Meralco, Century Food, Jollibee Foods, Monde Nissin, CEMEX Holdings, San Miguel, MREIT RT., SM Prime, Cebu Air, PAL, Puregold, Apex Mining, Nickel Asia, and Ferronickel.

The unchanged stocks included East West, Phil Stock Exchange, Citicore RE, SPNEC, AgriNurture, D&L Industries, Megaworld, Bloomberry, and Haus Talk.

The losers were BDO Unibank, Bank of PI, Metrobank, Security Bank, Union Bank, ACEN Corp., Aboitiz Power, First Gen, Semirara Mining, Synergy Grid, Dito CME, Pacific Online, Emperador, SMC Food and Beverage, Ginebra, Figaro Coffee, MacroAsia, Robinsons Retail, Robinsons Land, GMA-7, ABS-CBN, PLDT, Universal Robina, and DoubleDragon.