Winning Streak Of PSE Index Ends As Foreign Selling Leads To Decline

The Philippine Stock Exchange (PSE) index declined today, with foreign investors acting as net sellers in muted volume, which was less than half the daily average volume.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 10, 2023

Analysts pointed to the lack of positive economic news to drive the market, and there was apprehension over reports of destabilization, although these have been denied. These factors acted as catalysts for the market to close at 26.33 points or 0.43 percent down at 6,161.89 points.

Only the services sub-index posted a gain, rising by 0.43 percent, while the property sector experienced a significant decline of 1.31 percent.

Financials lost 0.50 percent, industrials dropped by 0.43 percent, holding firms decreased by 0.27 percent, and mining and oil fell by 0.54 percent.

Foreign buying amounted to P1.448 billion, while foreign selling reached P1.511 billion, resulting in net foreign selling of P62 million.

This undercut the four days of rises in the index along with the net foreign buying. BDO Unibank was the day's most active stock with P436 million in trades as it lost P1.20 to P133.80, followed by Ayala Land with trades of P185 million, going down by 55 centavos to P28.95.

Market bellwether SM Investments provided relief to the market as it posted a P4 hike to P821.

Total value turnover amounted to P2.7 billion, with 65 gainers, 102 losers, and 45 shares unchanged.

Analysts suggested that the market hiccup arose from the uncertainty in the political landscape of the country, which has seen break-ups in otherwise united fronts of political groups.

Metrobank went down by 85 centavos to P52.40, SM Prime lost 40 centavos to P31.40, Jollibee Foods went down by P2 to P216.40, Alliance Global lost 26 centavos to P10.50, Filinvest REIT dropped by 2 centavos to P2.97, while JG Summit fell by 90 centavos to P38.10.

Nickel Asia also slid, falling by 21 centavos to P5.24, Converge decreased by 3 centavos to P8.77, Dito CME went down by 7 centavos to P2.89, ACEN Corp dropped by 3 centavos to P5.16, Emperador fell by 5 centavos to P20.80, Ayala Corp decreased by P3.50 to P627, and Aboitiz Power went down by 5 centavos to P36.75.

Among the gainers were Aboitiz Equity, up by 10 centavos to P481.90, Bank of PI increased by 30 centavos to P104.10, Universal Robina rose by 80 centavos to P113, Semirara Mining gained 20 centavos to P29.50, and Security Bank increased by 20 centavos to P74.

Closing out the list of stocks in the green were Globe Telecom rose by a peso to P1,773, PLDT rose by P7 to P1,245, Bloomberry gained 13 centavos to P9.82, Philex Mining increased by 2 centavos to P2.80, and Wilcon Depot rose by 20 centavos to P20.30.

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