PSE Index Tumbles Further

The Philippine Stock Exchange (PSE) index continued its downward trend today, dropping to another milestone level before recovering some losses due to bargain hunting.

The Philippine Stock Exchange (PSE) Index, April 8, 2024

The index closed at 6,741.07 points, down by just 4.39 points or 0.07 percent, despite a mixed performance in the sub-indices.

Starting slightly higher than last week's close, the index experienced significant selling pressure from foreign investors, causing it to reach a lower milestone level of 6,686.50 points before rebounding due to bargain hunting activities.

Net foreign selling amounted to a substantial P930 million, with foreign buying of P1.14 billion against foreign selling of P2.07 billion.

Value turnover was one-third lower than the average at P4.2 billion, with 104 advances, 88 declines, and 52 shares remaining unchanged. Among the sectors, financials lost 0.36 percent, industrials were down by 0.01 percent, and holding firms declined by 0.49 percent.

However, services increased by 0.84 percent, property by 0.94 percent, and mining and oil advanced by 1.10 percent, driven by the rise in gold prices.

Mining stocks saw gains, with Apex Mining, Atlas Mining, and Lepanto posting increases. Other gainers included ABS-CBN, GMA 7, PLDT, Globe Telecom, Puregold, Double Dragon, Megaworld, Robinsons Land, MRC Allied, DMC Holdings, Abacore Capital, Roxas and Co., Agrinurture, GT Capital, LT Group, Meeralco, Manila Water, Jollibee Foods, Bank of PI, Nickel Asia, Aboitiz Equity Converge, and Ginebra.

Market bellwether SM Investments, along with Universal Robina, BDO Unibank, Monde Nissin, Synergy Grid, DigiPlus, Ayala Land, Semirara Mining, Security Bank, Alternergy, and Basic Energy, experienced declines.

Meanwhile, ICTSI, Dito CME, Aboitiz Power, Benguet A and B, Petron, axelum, Megawide, and Premium Leisure remained unchanged.

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