PSE Index Sinks Back Into Anemic State

The Philippine Stock Exchange (PSE) index faced another decline, with the property sector particularly impacted by a selling spree amidst geopolitical tensions in the Middle East and concerns over potential US interest rate cuts.

The Philippine Stock Exchange (PSE) Index, April 19, 2024

The index closed down at 6,443.00 points, marking a 1.23 percent decrease.

Key property players, SM Prime and Ayala Land, experienced significant trading activity, with both witnessing sell-offs due to global economic uncertainties. SM Prime dropped by 2.67 percent, while Ayala Land slipped by 3.4 percent, contributing to a substantial decline in the property sub-index by 2.55 percent.

Robinsons Land and Megaworld also saw losses, further dampening market sentiment.

However, market bellwether SM Investments provided a silver lining, closing higher amidst the gloomy trading performance.

Other sectors also experienced declines, with financials, industrial, services, and holding firms all posting losses. Conversely, Mining and Oil saw a modest increase, driven by speculation surrounding rising gold prices amid the Middle East tensions.

Overall, value turnover reached P5.4 billion, with a higher number of losers compared to gainers. Foreign selling persisted, with net foreign selling amounting to P651 million amidst cautious investor sentiment.