PSE Index Stumbles Further Into Red Territory

The Philippine Stock Exchange (PSE) experienced further decline today as foreign investors continued selling their positions, closing at 6,827.06 points, reflecting a loss of 36.76 points or 0.54 percent.

The Philippine Stock Exchange (PSE) Index, April 4, 2024

Value turnover decreased by a fourth to just P4.37 billion, with 101 losers, 77 gainers, and 53 shares unchanged.

The lack of significant economic news failed to stimulate market activity, resulting in losses across industrial, holding firms, property, and services sectors. However, mining and oil stocks managed to gain 0.54 percent, and financials rose by 0.27 percent.

Conversely, industrial stocks declined by 0.90 percent, holding firms by 0.39 percent, services by 1.27 percent, and property by 0.57 percent.

Foreign selling amounted to P2.228 billion, while foreign buying was P1.651 billion, resulting in a net foreign selling of P567 million. Analysts anticipate the market to improve on Friday with expectations of lower inflation numbers and the Bangko Sentral maintaining the prevailing interest rate.

Market bellwether SM Investments was the most active, with P523 million in trades, experiencing a loss of 50 centavos, closing at P980.

Jollibee Foods and ICTSI, the second and third most active stocks, also experienced declines, with Jollibee losing P9.40 to P980 and ICTSI dropping P8.20 to P320.

Among the gainers were Semirara Mining, DigiPlus, Alternergy, Synergy Grid, EastWest Bank, Metrobank, Bank of the Philippine Islands, Meralco, San Miguel Corporation, AgriNurture, Basic Energy, Belle Corporation, Nickel Asia, Philippine Airlines, Globe Telecom, Megawide, and DMC Holdings.

On the other hand, the losers included Ayala Land, SM Prime, SPNEC, Aboitiz Equity Ventures, PLDT, Emperador, Union Bank, Security Bank, Megaworld, Apex Mining, Manila Water, ACEN, and Robinsons Land.

Stocks that remained unchanged included Philippine National Bank, Aboitiz Power, First Gen Corporation, Figaro Coffee, Century Properties, Philippine Seven Corporation, Axelum Resources Corp., San Miguel Food and Beverage, and Philodrill Corporation.

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