Profit-Taking Sinks PSE Index

The Philippine Stock Exchange (PSE) index today declined on profit-taking as investors rushed for the exit on projections that the foreign investment relaxation contemplated in the planned Cha-Cha amendments will not materialize.

The Philippine Stock Exchange (PSE) Index, March 11, 2024

This led to a marked downswing to 6,872.24 points, down by 69.97 points or 1.01 percent. All the sub-indices posted losses with property down a hefty 2.70 percent.

Property giants Ayala Land and SM Prime declined by 2.71 percent and 3.66 percent respectively to P32.30 and P31.60 although the shares went up on opening bell to P33.50 for the former and P32.60 for the latter but then went down as the trading progressed.

Robinsons Land was also down while market bellwether SM Investments, the favorite of foreign investors, marched up to P983.50 in a day of muted trading.

Foreign investors sold more than what they bought with net selling of P277 million, the first time in two months. Value turnover amounted to just P3.7 billion, as many investors opted to stay on the sidelines.

The only big story today was the disclosure of Belle Corp that it will buy Premium Leisure Corp, operator of City of Dreams casino, which led to a price freeze on Belle as its share price hit the ceiling of 50 percent, closing at P1.92, up by 64 centavos.

PLC Trading was suspended till Tuesday at 9 am to allow investors to digest the planned sale and voluntary delisting.

Financials went down by 0.12 percent while industrial lost 1.15 percent, services by 0.84 percent, holding firms by 0.21 percent, and mining and oil by 1.06 percent. Losers overwhelmed gainers 125 to 62 with 53 shares unchanged.

The index opened at 6,939.54 points, its highest, and went down to a low of 6,852.21 points before nosing up by 20 points at the close.

Among the gainers were Metrobank, PLDT, Alliance Global, AgriNurture, Security Bank, Semirara Mining, JG Summit, Globe Telecom, San Miguel, and SSI Group. Aboitiz Power, DMC Holdings, GMA 7, and Bloomberry were unchanged.

The losers were Jollibee Foods, Ayala Corp, ICTSI, Bank of PI, Universal Robina, BDO Unibank, Union Bank, SPNEC, ACEN Corp., Alternergy, Basic Energy, Aboitiz Equity, Top Frontier, Converge, Dito CME, Cebu Air, PAL, Puregold, Monde Nissin, Axelum, Synergy Grid, Megawide, Apex Mining, Philex Mining, Nickel Asia, and Meralco.

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