Heavy Foreign Selling Keeps PSE Index In The Red

The Philippine Stock Exchange (PSE) index posted another decline, slipping by 2.77 points to close at 6,366.03, a loss of 0.04 percent.

The Philippine Stock Exchange (PSE) Index, June 19, 2024

The index showed some promise 5 minutes before the close, but a flurry of trades amounting to almost a million pesos drove it down, with industrials and property sectors posting losses of 0.89 percent and 0.77 percent, respectively.

Foreign selling was particularly heavy, with net selling reaching PHP594 million against PHP1.281 billion in buying and PHP1.876 billion in selling.

Foreign trades accounted for 76 percent of the total trade volume, amounting to PHP4.06 billion.

Despite the overall decline, there were 99 gainers, 85 losers, and 48 unchanged shares, largely due to bargain hunting. The financial sector edged up by 0.11 percent, holding firms by 0.31 percent, services by 0.94 percent, and mining and oil by 0.24 percent.

Market bellwether SM Investments rose by PHP 5 to PHP840, while top-traded Semirara Mining gained 20 centavos to PHP 32.25 on trades amounting to PHP934 million.

Other notable gainers included BDO Unibank, Aboitiz Equity, ICTSI, Roxas and Co, Puregold, Phil. Seven, Robinsons Retail, SSI Group, Metrobank, OceanaGold, Philodrill, Oriental Petroleum, Shell Pilipinas, Axelum, Cebu Air, Megawide, Ayala Corp, Cosco Capital, JG Summit, Ginebra, Figaro Coffee, ABS-CBN, Ginebra, DigiPlus, Philex Mining, and Bloomberry.

On the other hand, the losers included GT Capital, Bank of PI, Security Bank, Union Bank, Century Food, PNB, Universal Robina, Ayala Land, SM Prime, San Miguel, Jollibee Foods, Emperador, Meralco, and Manila Water.

Shares that remained unchanged were Converge, Petron, Synergy Grid, SPNEC, AgriNurture, DoubleDragon, Robinsons Land, and Megaworld.