PSE Index Slumps to Lower Level

The Philippine Stock Exchange (PSE) on Tuesday slumped to a milestone low, closing at 6,118.54 points—down 96.29 points or 1.55 percent—with the Top 10 active shares all ending in the red.

The Philippine Stock Exchange (PSE) Index, September 23, 202

Value turnover, however, more than tripled to ₱22.68 billion as foreign investors came in strong, buying into declining stocks.

All sub-indices posted losses except mining and oil, which glittered on the surge in gold prices to a record $3,754 per ounce.

The mining and oil index rose 3.68 percent, with OceanaGold up 8.95 percent to ₱24.95, Philex Mining up 5.31 percent to ₱7.53, and Apex Mining up 4.58 percent to ₱9.82.

Financials dropped 2.43 percent, industrials slipped 0.69 percent, holding firms fell 1.46 percent, services retreated 1.48 percent, and property declined 1.24 percent.

BDO Unibank was the most active stock, with ₱783 million in trades, as it fell 3.31 percent to ₱140. Market bellwether SM Investments followed with ₱606 million, down 0.79 percent to ₱750.

Among bank stocks, Union Bank was the lone gainer, inching up 0.16 percent to ₱30.55. Metrobank slid 2.86 percent to ₱68, while Bank of the Philippine Islands (BPI) dropped 1.77 percent to ₱111.

Gaming stock DigiPlus fell 1.99 percent to ₱24.60, ICTSI slipped 1.77 percent to ₱499, and Ayala Land declined 0.94 percent to ₱26.30.

There was net foreign buying of ₱7.051 billion, mostly from block sales. Foreign buying totaled ₱10.78 billion, while foreign selling reached ₱3.7 billion.

Large block sales included Metrobank and Robinsons Commercial, each at around ₱8 billion.

Metrobank’s block sale involved shares transacted at ₱72.519 for a total of ₱8.193 billion, while Robinsons recorded three transactions amounting to ₱8 billion.

Market breadth was negative, with 78 gainers, 129 losers, and 56 unchanged issues, including Citicore REIT, Alternergy, Ginebra San Miguel, Century Properties, Converge, Century Pacific Food, D&L Industries, and San Miguel Food and Beverage.

Among the gainers were Axelum, First Gen, Emperador, GMA Network, Nickel Asia, Aboitiz Power, and Coal Asia.

Losers included Ayala Corp., Petron, Synergy Grid, Semirara Mining, Topline, SPNEC, Jollibee Foods, San Miguel Corp., Cosco Capital, Aboitiz Equity, GT Capital, Cebu Air, Puregold, Meralco, Manila Water, Belle Corp., ACEN, AgriNurture, Bloomberry, and PhilWeb.