PSE Index Chokes, Swims In Red Anew

The Philippine Stock Exchange (PSE) index declined again today, with property shares absorbing the biggest loss, closing at 6,619.89 points, down by 40.30 points or 0.60 percent.

The Philippine Stock Exchange (PSE) Index, May 24, 2024

Property giants SM Prime and Ayala Land lost 4.18 percent to P27.50 and 1.87 percent to P28.85 respectively, resulting in a substantial loss of 2.39 percent for the property sub-index.

Mining and oil went down by 1.72 percent, financials lost 0.56 percent, industrials by 0.33 percent, and holding firms by 0.21 percent, though market bellwether SM Investments was up.

Only the services sub-index rose as port operator ICTSI advanced by P1.80 to P353.

The only optimistic note in today's trade was the net foreign buying of P203 million on foreign buying of P2.416 billion and foreign selling of P2.213 billion. This can be attributed to the depreciation in the peso's value vis-a-vis the dollar as it meant more pesos for the investors.

Value turnover was lower by a fourth to P4.46 billion due to a lack of catalysts to prop up the market. There were 86 gainers, 103 losers, and 48 shares unchanged.

BDO Unibank was the most active with P515 million in trades as it went down by 80 centavos to P135.70. Following in BDO's footsteps were Security Bank, Apex Mining, Atlas Mining, Cebu Air, Semirara Mining, PNB, Alternergy, GT Capital, Belle Corp, Bloomberry, Alliance Global, and Figaro Coffee.

Among the gainers were JG Summit, Phil Seven, LT Group, DoubleDragon, PLDT, Century Pacific Food, Universal Robina, Union Bank, AREIT, Aboitiz Power, and ACEN Corp. Those unchanged were Globe Telecom, SPNEC, Megawide, Credit Suisse, and PAL.