The Philippine Stock Exchange (PSE) index retreated further Thursday, dropping below a milestone level despite nearly a billion pesos in net foreign buying.
The Philippine Stock Exchange (PSE) Index, August 29, 2024
The realization that the index might surpass its resistance level of 7,000 points faded as it closed at 6,891.55 points, down by 66.45 points, or 0.96 percent.
Market analysts attribute the decline to the index's failed attempts to reach the 7,000-point level three times, leading to a resurgence of negative sentiment across the market. This occurred despite a surge in foreign buying, as investors continued to cash in their gains.
Consequently, the market saw declines across financials, down by 1.38 percent; industrials, down by 0.11 percent; holding firms, down by 1.98 percent; and services, down by 0.51 percent.
The only gainers were the property sector, with a modest rise of 0.13 percent, and the mining and oil sector, which increased by 0.34 percent.
The rise in the property sub-index was largely due to a 2.50 percent increase in Ayala Land, which emerged as the most active stock with trades amounting to P997 million. Ayala Land gained 85 centavos to close at P34.85, while SM Prime declined by 30 centavos to P30.
Value turnover amounted to P6.63 billion, with foreign trades accounting for P6.3 billion. There was net foreign buying of P888 million, with foreign selling at P2.723 billion and foreign buying at P3.611 billion.
There were 79 gainers, 117 losers, and 51 shares that remained unchanged. Market bellwether SM Investments fluctuated between a high of P935 and a low of P901, closing at P904, down by P26 or 2.80 percent.
Among the gainers were Jollibee Foods, China Bank, Semirara Mining, Philodrill, Boulevard Holdings, PNB, Alternergy, First Gen, Meralco, Manila Water, Megawide, DMC Holdings, San Miguel, Shang Properties, Nickel Asia, OceanaGold, and ABS-CBN.
Apex Mining, Century Pacific Food, D&L Industries, Monde Nissin, Figaro Coffee, Haus Talk, and Cebu Air also closed in green territory, while the stocks that remained unchanged included AgriNurture, SMC Food and Beverage, Wilcon Depot, Ginebra San Miguel, Steniel, Century Properties, Cosco Capital, and PLDT.
Meanwhile, the losers were BDO Unibank, ICTSI, Digiplus, Universal Robina, Bank of the Philippine Islands, Security Bank, Union Bank, PSE, ACEN Corp., Aboitiz Power, Basic Energy, Citicore REIT, Petron, and Shell Pilipinas.
Likewise ending the day red were Emperador, Roxas and Company, Ayala Corp, Aboitiz Equity, DoubleDragon, JG Summit, PAL Holdings, Atlas Mining, Philex Mining, AREIT, GT Capital, AbaCore, SPNEC, Synergy Grid, Globe Telecom, GMA-7, Converge, VistaREIT, Robinsons Land, Megaworld, and DITO CME.
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