PSE Index Plummets; Drops To A New Low

The Philippine Stock Exchange (PSE) index plummeted to a new low Friday as foreign investors sold more than a billion pesos worth of shares compared to what they bought.

The Philippine Stock Exchange (PSE) Index, January 24, 2025

The Mining and Oil index was the only gainer, albeit with a marginal increase, as bearish sentiment continued to dominate the market. The index closed at 6,296.20 points, down by 82.66 points or 1.30 percent, marking its lowest point during trading.

Top-traded shares BDO Unibank, ICTSI, and Converge posted significant losses, shedding 4.81 percent, 1.28 percent, and 5.03 percent, respectively.

BDO ended the day at ₱140.50, down by ₱7.10, on heavy trading worth ₱790 million. ICTSI, with trades amounting to ₱438 million, closed at ₱385.20, down by ₱5, while Converge dropped by ₱0.90 to ₱17.

The market opened higher at 6,367.87 points, gaining 11 points before the sell-off began.

Net foreign selling totaled ₱1.121 billion, with foreign buying at ₱1.8397 billion and foreign selling at ₱2.961 billion.

Total trades amounted to ₱4.73 billion, with 86 gainers, 95 losers, and 59 unchanged shares. Sub-indices all closed lower, with Financials dropping by 1.72 percent, Industrials by 0.79 percent, Holding Firms by 0.91 percent, Services by 0.89 percent, and Property losing 1.05 percent.

Market bellwether SM Investments saw its shares spike to a high of ₱868.50 before plunging to ₱841.50. It managed to recover slightly, closing at ₱845, down by ₱15 or 1.74 percent.

Among the gainers were Bank of PI, Manila Water, AREIT, Victorias, Vitarich, Philodrill, Enex Energy, PAL, Bright Kindle, PSE, Semirara Mining, Emperador, Cebu Air, Megaworld, Keeper Holdings, SMC Food and Beverage, Robinsons Land, PLDT, Belle Corp., DigiPlus, Puregold, Wilcon Depot, Ferronickel, Nickel Asia, Oceana Gold, ABS-CBN, JG Summit, Alliance Global, Synergy Grid, and RL Commercial REIT.

Meanwhile, the losers included Metrobank, SM Prime, Jollibee Foods, Haus Talk, DoubleDragon, LT Group, Abacore, Megawide, GT Capital, Cosco Capital, Globe Telecom, PhilSeven, Oriental Petroleum, Ginebra, D&L Industries, Ayala Corp., Citicore RE, Century Pacific Food, Apex Mining, and Philex Mining.

Shares that remained unchanged included China Bank, Security Bank, Alternergy, Union Bank, ACEN Corp., Aboitiz Power, Petron, Figaro Coffee, MRC Allied, PH Resorts, PhilWeb, Bloomberry, Atlas Mining, SSI Group, and Filinvest REIT.