Foreign Selling Batters PSE Index Below Support Level

The Philippine Stock Exchange (PSE) index Friday dropped below its support level, closing at 6,977.18 points, down 37.26 points or 0.53%, as foreign selling continued.

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

The sub-indices showed mixed performance: financials were down 0.76%, holding firms dropped 1.16%, and services declined 0.62%, while industrials edged up 0.07%, property rose 0.35%, and mining and oil gained 1.26%.

Market bellwether SM Investments fell sharply by 2.55%, closing at PHP916, down PHP24 due to foreign selling.

Net foreign selling reached PHP 1.89 billion, with foreign buying at PHP2.316 billion and foreign selling at PHP4.214 billion. Total value turnover amounted to PHP6.35 billion, with 99 gainers, 94 losers, and 55 unchanged stocks.

The index hit a low of 6,899.20 points before slightly recovering at the close.

Ayala Land was the most actively traded stock, with PHP844 million in transactions, falling by 1.27% or PHP0.40 to PHP31. BDO Unibank followed with PHP626 million in trades, dropping PHP1 to PHP147.

Eking out a gain were SM Prime, JG Summit, Aboitiz Equity, Metrobank, Citicore REIT, Belle Corp, Bloomberry, PhilWeb, Apex Mining, Nickel Asia, OceanaGold, and Philex Mining.

Converge, First Gen, Meralco, Petron, D&L Industries, Universal Robina, Monde Nissin, Vitarich, Abacore, DoubleDragon, Megaworld, MREIT, Globe Telecom, DITO CME, and Megawide also rose.

The losers were ICTSI, Bank of the Philippine Islands, Ayala Corp, PSE, China Bank, Semirara Mining, ACEN Corp, Jollibee Foods, GT Capital, San Miguel, and PLDT. PNB, Alternergy, Manila Water, Fruitas Holdings, Citicore RT, PAL, and Atlas Mining remained unchanged.