PSE Index Closes Month Still Sinking

The Philippine Stock Exchange (PSE) index declined again Friday, with foreign investors acting as net sellers amounting to over ₱1 billion.

The Philippine Stock Exchange (PSE) Index, November 29, 2024

The sub-indices showed mixed trading performances, closing at 6,613.85 points, down by 24.69 points or 0.37%.

The financials and holding firms sub-indices posted similar gains of 0.04%, while property rose by 0.20%. However, services lost 1.81%, mining and oil declined by 1.42%, and industrials dropped by 0.19%.

Value turnover amounted to ₱5.79 billion, with 101 gainers, 80 losers, and 63 stocks unchanged.

Market bellwether SM Investments dropped ₱5 to ₱875, while ICTSI was the most actively traded, with ₱818 million worth of transactions. ICTSI lost ₱15 to close at ₱370, representing a 3.9% decline.

Net foreign selling reached ₱1.247 billion, with foreign buying at ₱2.601 billion compared to foreign selling of ₱3.849 billion.

The market opened at 6,634.25 points and initially rose by 46 points before selling pressure took over. The support level is now seen at 6,500 points after the first resistance level at 7,000 points was breached.

Analysts predict the market will continue its downward trajectory due to persistent selling pressure from foreign investors and the ongoing lack of catalysts to boost the index.

Among the gainers were BDO Unibank, Century Food, Digiplus, Asiabest, Axelum, CEMEX Holdings, PSE, Acen Corp., Ferronoux Holdings, Basic Energy, Petron, Semirara Mining, EastWest, Metrobank, PNB, and Security Bank.

Other stocks in the green were D&L Industries, SMC Food and Beverage, Monde Nissin, Keepers' Holdings, DMC Holdings, Megawide, GT Capital, Double Dragon, Megaworld, MRC Allied, Dito CME, Belle Corp., Bloomberry, Apex Mining, OceanaGold, and Philex Mining.

Stocks that remained unchanged included Ayala Land, Ayala Corp., Alternergy, Aboitiz Power, Citicore RE, Globe Telecom, Ginebra, Synergy Grid, SPNEC, Victorias, Vitarich, Cosco Capital, Cebu Air, Converge, Wilcon Depot, and Atlas Mining.

Meanwhile, the decliners included Bank of the Philippine Islands (BPI), Universal Robina, China Bank, Emperador, Figaro Coffee, LT Group, Rockwell, STI Holdings, Nickel Asia, PLDT, ABS-CBN, Puregold, Abacore, and SM Prime.