PSE Index's Momentum Sputters On Profit-Taking

The Philippine Stock Exchange initially soared but eventually closed 12.05 points down, or 0.18 percent lower, at 6,692.91 points due to profit-taking, marking its lowest level recently.

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

Only the services and property sub-indices posted gains as investors took profits, reflecting the continued market malaise during the "ghost month" of August, which will end in the first week of September.

The property sector rose by just 0.02 percent as SM Prime lost 30 centavos, closing at P30, offsetting the rise in top-traded Ayala Land, which hit a new high, rising by 50 centavos to P32, with trades totaling P583 million.

Services gained a more substantial 0.68 percent, while financials fell by 0.77 percent, industrials by 0.19 percent, holding firms by 0.48 percent, and mining and oil by 1.11 percent.

The market opened slightly higher than its Wednesday close and reached a high of 6,742 points before retreating due to profit-taking.

Value turnover amounted to P5.49 billion, with total foreign trades hitting P3.8 billion. There was a net foreign buying of just P3.5 million, with foreign selling amounting to P1.898 billion against foreign buying of P1.902 billion.

Analysts see the market responding to the impending interest rate cut signaled by the Bangko Sentral ng Pilipinas, with property and financial stocks expected to benefit from the lower rates.

Market bellwether SM Investments rose by P5.50 to P920, leading the gainers, which included Jollibee Foods, Converge, PNB, ICTSI, Aboitiz Power, Synergy Grid, First Gen, Meralco, Emperador, Semirara Mining, and Petron.

Rising as well were Steniel, Roxas and Co., DMC Holdings, Megaworld, LT Group, Robinsons Land, PAL, Bloomberry, Atlas Mining, Philex Mining, Haus Talk, Basic Energy, Century Pacific Food, and CEMEX Holdings.

Among the losers were Universal Robina, BDO Unibank, GT Capital, Security Bank, Union Bank, Bank of the Philippine Islands, ACEN Corp, ABS-CBN, Globe Telecom, PLDT, Puregold, and Cebu Air.

Apex Mining, Nickel Asia, OceanaGold, Shakey's Pizza, Shell Pilipinas, Citicore REIT, Manila Water, D&L Industries, Cosco Capital, Alliance Global, MRC Allied, San Miguel, and Dito CME also declined.

Stocks that remained unchanged included SPNEC, AgriNurture, Figaro Coffee, Wilcon Depot, and Monde Nissin.