Streaking PSE Index Stalls On Profit Taking

The Philippine Stock Exchange (PSE) index declined Tuesday on profit taking, as investors sold their shares after hitting a high.

The Philippine Stock Exchange (PSE) Index, July 16, 2024

The index closed at its lowest price point of 6,667.09, down by 22.28 points or 0.33 percent.

Only the financial sector was down 30 minutes before the close, but a flurry of sell-offs saw the index keel over, with just the property sub-index posting a gain of 1.73 percent. Ayala Land spearheaded the rally, rising by 3.26 percent to ₱31.70, up by ₱1 on trades of ₱898 million, making it the day’s most active stock.

Market bellwether SM Investments remained unchanged, reaching a high of ₱908 before dropping to its lowest at ₱900. Other blue chips also saw momentary highs before closing lower.

Globe Telecom hit a high of ₱2,112 but closed ₱18 lower at ₱2,092, PLDT rose to ₱1,559 but fell by ₱50 to ₱1,499, and ICTSI rose to ₱370.20 but closed at its lowest at ₱362, down by ₱1.20.

Debuting IPO Nexgen closed 3 centavos higher from its IPO price at ₱1.71, rising to a high of ₱1.84. The power firm sold 300 million shares at ₱1.68 and was fully subscribed.

Sectoral performance saw financials losing 1.33 percent, industrials down by 0.27 percent, holdings by 0.34 percent, services by 0.85 percent, and mining and oil by 0.57 percent. Value turnover amounted to ₱5.41 billion, with 79 gainers, 98 losers, and 55 shares unchanged.

Net foreign buying amounted to ₱304 million on foreign buying of ₱2.556 billion and foreign selling of ₱2.251 billion.

Among the gainers were SM Prime, Robinsons Land, China Bank, Union Bank, Alternergy, SPNEC, Citicore RE, DNL Industries, Abacore, Bloomberry, DigiPlus, Cosco Capital, Belle Corp, Philex Mining, Apex Mining, Figaro Coffee, and Philweb.

Unchanged stocks included Jollibee Foods, PNB, First Gen, AgriNurture, CEMEX Holdings, GMA-7, Megawide, Puregold, and Alliance Global.

Among the losers were Ayala Corp, Metrobank, Bank of PI, Security Bank, EastWest, Nickel Asia, OceanaGold, AREIT, PhilSeven, Aboitiz Equity, Aboitiz Power, ACEN Corp, GT Capital, Converge, San Miguel, and Wilcon Depot.