PSE Index Buckles Under Weight Of Sell-Off, Ends Month Plunging Below Two Milestones

The Philippine Stock Exchange (PSE) index crumbled by two milestone levels Monday, closing at 7,272.65 points, down by a significant 155.65 points or 2.10 percent, due to a sell-off that market analysts attributed to overbought levels of shares in the past two weeks, which saw blue chips surge to new highs.

The Philippine Stock Exchange (PSE) Index, September 30, 2024

Opening at 7,417.48 points, the index briefly gained four points before succumbing to profit-taking, ultimately closing at its lowest point despite foreign investors remaining net buyers, with a net buying figure of P87.7 million.

Foreign buying amounted to P4.317 billion, while foreign selling totaled P4.230 billion. All sub-indices ended in the red, with only one out of the top 10 most active stocks—GT Capital—bucking the trend, closing unchanged at P730.

Among the most active stocks, ICTSI, BDO Unibank, and SM Prime posted declines.

Other major losers among the top 10 were Bank of the Philippine Islands (BPI), market bellwether SM Investments, Universal Robina, Ayala Land, Ayala Corporation, Metrobank, and Security Bank.

The financials sector lost 1.79 percent, industrials were down 1.09 percent, holding firms fell 2.84 percent, services declined 1.32 percent, property dipped 1.95 percent, and mining and oil dropped 1.32 percent.

There were 93 gainers, 115 losers, and 43 unchanged stocks. Total value turnover amounted to P7.2 billion, with foreign trades accounting for P8.5 billion.

Among the gainers were PNB, Union Bank, ACEN Corp, Alternergy, Citicore REIT, Manila Water, AgriNurture, Axelum, San Miguel Food and Beverage, Megawide, Ginebra, ABS-CBN, Globe Telecom, Cebu Air, PAL, PhilWeb, Metro Retail, SSI Group, Atlas Mining, OceanaGold, Oriental Petroleum, and Philodrill.

Unchanged stocks included Basic Energy, Fruitas, SPNEC, Shell Pilipinas, CEMEX Holdings, and Haus Talk.

Other notable losers were Aboitiz Power, Cosco Capital, DMCI Holdings, Robinsons Land, Shang Properties, Philseven, Puregold, Wilcon Depot, PLDT, Belle Corp., Bloomberry, Digiplus, Monde Nissin, First Gen, Meralco, Petron, Semirara Mining, Emperador, D&L Industries, Apex Mining, Nickel Asia, Philex Mining, Vitarich, Roxas and Co., LT Group, Abacore, AREIT, Citicore REIT, Megaworld, and Citystate Savings.