PSE Index Retreats

The Philippine Stock Exchange (PSE) index retreated Wednesday, closing at 6,558.63 points, down by 49.73 points or 0.75 percent, with five of the sub-indices posting losses.

The Philippine Stock Exchange (PSE) Index, May 15, 2024

Only the industrial sector rose, up by 0.81 percent, as foreign investors were net sellers in muted volume, signifying a tepid response to the market.

ACEN Corp led the industrial sector to a gain with a significant rise of 43 centavos to P5, up by 9.41 percent, with trades amounting to P470 million, making it the second most active stock.

Investors poured into ACEN shares due to its projected inclusion in an index fund. Other contributors to the industrial sector's rise included Semirara Mining, Jollibee Foods, Manila Water, and San Miguel Food and Beverage.

Market bellwether SM Investments dropped by 2.73 percent or P21 to P866, emerging as the most active stock with trades amounting to P492 million, resulting in the biggest loss for the holding firms sector, which fell by 1.62 percent.

Other declining sub-indices included financials, down by 1.22 percent; services, down by 0.54 percent; mining and oil, down by 0.06 percent; and property, down by 0.03 percent.

Losers outnumbered gainers, with 109 to 80, while 48 shares remained unchanged. Foreign buying amounted to P2.560 billion, while foreign selling hit P2.645 billion, resulting in net foreign selling of P84.6 million.

Total value turnover amounted to P5.4 billion.

Among the gainers were Globe Telecom, Ayala Land, Bloomberry, GMA-7, Keppel Properties, EastWest Bank, Axelum, Shakey's Pizza, PAL, Ayala REIT, Alliance Global, San Miguel, DoubleDragon, Cosco Capital, and Converge.

The unchanged stocks included Security Bank, Aboitiz Power, Synergy Grid, Universal Robina, and Robinsons Land.

The losers were SM Prime, BDO Unibank, Ayala Corp., Aboitiz Equity, SPNEC, Agrinurture, Figaro Coffee, RLC, CEMEX Holdings, Dito CME, ABS-CBN, Cebu Air, PLDT, Bank of PI, Union Bank, Steniel Manufacturing, Abacore, DMCI Holdings, JG Summit, Megaworld, Citicore, MREIT, Ginebra, Belle Corp., SSI Group, Apex Mining, Nickel Asia, Basic Energy, Meralco, ICTSI, PNB, First Gen, Emperador, and Monde Nissin.