PSE Index Still Lethargic Amid Increased Foreign Selling

The Philippine Stock Exchange (PSE) index continued its decline Friday, closing at 6,615.55 points, down by 31 points or 0.47 percent.

The Philippine Stock Exchange (PSE) Index, May 3, 2024

The downward movement was largely attributed to significant foreign selling. Foreign investors offloaded shares in property giants such as Ayala Land and SM Prime, contributing to the index's loss.

Despite gains in some sectors like Financials, Industrial, Holding Firms, and Mining and Oil, the overall performance was dampened by the decline in the Property sub-index, which fell by 1.99 percent, and a 0.50 percent decrease in the Services sector.

Ayala Land emerged as the most active stock, with a trade value of P681 million, experiencing a decline of 85 centavos per share due to net foreign selling amounting to P260.9 million.

Similarly, SM Prime saw net foreign selling of P101.2 million out of its trade value of P274 million.

Robinsons Land also experienced net foreign selling of P2.6 million. Total value turnover reached P6.37 billion, with 94 gainers, 93 losers, and 55 shares remaining unchanged. Net foreign selling stood at P1.29 billion, with foreign buying at P2.491 billion and foreign selling at P3.78 billion.

Among the gainers were market bellwether SM Investments, Globe Telecom, PLDT, BDO Unibank, and several others. However, notable losers included Jollibee Foods, Metrobank, ICTSI, and San Miguel Corporation.

Meanwhile, certain stocks remained unchanged, including Citicore REIT, Meralco, Alternegy, and others.

The market's movement reflects ongoing fluctuations influenced by foreign investor sentiment and specific sectoral performances, underscoring the need for cautious monitoring by market participants.