PSE Index Still Sinking

The Philippine Stock Exchange (PSE) index experienced another decline Thursday, with only the services sector posting a gain, closing at 6,837.34 points, down by 41.2 points or 0.60 percent.

The Philippine Stock Exchange (PSE) Index, March 7, 2024

Despite global port operator ICTSI's increase by 2.74 percent or ₱8 to ₱300, the services sector managed to rise by 0.80 percent.

On the other hand, financials went down by 0.89 percent, holding firms lost 0.17 percent, industrial declined by 0.09 percent, property decreased by 2.41 percent, and mining and oil lost by 0.49 percent.

Analysts noted that foreign investors are beginning to exit the Philippine market due to the perception that the contemplated changes in the economic Cha Cha may not materialize.

Net foreign buying hit a record low of ₱4.6 million on foreign buys of ₱2.43 billion against foreign selling of ₱2.4 million.

BDO Unibank emerged as the most active stock with ₱452 million, closing 50 centavos higher at ₱153.

Other gainers included market bellwether SM Investments, ACEN Corp, First Gen, Manila Water, AgriNurture, Figaro Coffee, Globe Telecom, DigiPlus, Jollibee Foods, JG Summit, LT Group, Dito CME, Cebu Air, Bloomberry, Apex Mining, and Atlas Mining.

Losers for the day included Security Bank, Union Bank, Converge, Bank of PI, Metrobank, Century Food, Emperador, Meralco, Synergy Grid, Monde Nissin, Megawide, SPNEC, Alliance Global, San Miguel, Top Frontier, ABS-CBN, PLDT, and Ayala Corp.

Value turnover amounted to ₱4.9 billion, with 64 gainers, 109 losers, and 44 shares remaining unchanged.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem