PSE Index Slumps Anew

The Philippine Stock Exchange (PSE) index slumped again today, with all sub-indices declining as selling—primarily from foreign investors—drove the index down by 92.52 points, or 1.27 percent, to close at 7,165.42 points.

The Philippine Stock Exchange (PSE) Index, November 6, 2024

Holding firms and financials held steady until the final 30 minutes of trading when a selloff pushed the index down nearly 100 points.

The index opened at 7,252.95 points and briefly rose by over 10 points before succumbing to selling pressure, dropping to a low of 7,154.88 before recovering slightly at the close.

The financials sector fell by 0.83 percent, industrials by 0.34 percent, holding firms by a slight 0.05 percent, services lost 1.93 percent, property was down 2.94 percent, and mining and oil slipped by 0.07 percent.

Net foreign selling surged to P1.1 billion, with foreign buying at P1.77 billion and foreign selling at P2.892 billion.

Value turnover was P4.57 billion, with 83 gainers, 105 losers, and 49 stocks unchanged.

Among the gainers were Metrobank, Bank of the Philippine Islands, Aboitiz Equity Ventures, DITO CME, China Bank, Solar Philippines NEC (SPNEC), Basic Energy, Ginebra, Megawide, Globe Telecom, Nickel Asia, Security Bank, Vivant, Alliance Global, OceanaGold, Century Pacific Food, Figaro Coffee, and Apex Mining.

Market bellwether SM Investments led the unchanged stocks, which included JG Summit, Monde Nissin, Greenergy, PAL Holdings, Belle Corporation, LT Group, and Puregold.

The losers included top-traded stocks ICTSI, BDO Unibank, SM Prime, along with Ayala Land, Citicore REIT, Manila Water, GT Capital, Wilcon Depot, Philex Mining, Oriental Petroleum, Philodrill, Universal Robina, Meralco, ACEN Corporation, Philippine National Bank, MRC Allied, DigiPlus, PLDT, DoubleDragon, and SSI Group.