PSE Index Continues To Plummet As It Drops To A Milestone Level For Second Straight Day

The Philippine Stock Exchange (PSE) index posted another decline today, closing at a milestone low of 7,283.79 points, a loss of 83.87 points, amid a surge in selling that left all sub-indices in the red.

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

The index closed at its lowest level for the year, with blue-chip stocks, including market bellwether SM Investments, among the hardest hit.

The local market’s decline was exacerbated by foreign selling, particularly affecting blue-chip stocks such as Bank of the Philippine Islands (BPI), which dropped 3.34% on trades worth ₱245 million, with ₱78.2 million attributed to foreign selling.

Net foreign selling reached ₱206 million, with foreign purchases totaling ₱1.789 billion against sales of ₱1.995 billion. Total foreign transactions amounted to ₱3.7 billion, out of a total value turnover of ₱3.804 billion.

Only International Container Terminal Services, Inc. (ICTSI) managed to buck the trend, rising by ₱2 to close at ₱409, making it one of the Top 10 most active stocks.

The financials sub-index fell by 1.77%, industrials by 1.71%, holding firms by 0.67%, services by 0.58%, mining and oil by 1.25%, and property by 1.01%. Decliners outnumbered gainers 139 to 53, with 53 issues unchanged.

The top three traded stocks were BDO Unibank, BPI, and Ayala Land.

Among the biggest losers were Security Bank, Union Bank, PNB, Metrobank, Meralco, Manila Water, PLDT, Globe Telecom, Jollibee Foods, Semirara Mining, PH Resorts, SM Prime, and ACEN Corp., Alternergy, Atlas Mining, and Apex Mining.

Dropping, as well, were OceanaGold, Nickel Asia, Philex Mining, Petron, Solar Philippines (SPNEC), Megawide, Citicore REIT, Fruitas, D&L Industries, Monde Nissin, and Robinsons Land.

The list of stocks in the red continued with Abacore, Wilcon Depot, Belle Corp., Bloomberry, Cebu Air, PAL, Puregold, Robinsons Retail, Synergy Grid, Century Pacific Food, Emperador, Cemex Holdings, Cosco Capital, LT Group, San Miguel, GMA Network, JG Summit, GT Capital, Aboitiz Equity, Figaro Coffee, and Universal Robina.

Among the gainers were East West Bank, AgriNurture, DoubleDragon, Integrated Microelectronics, Megaworld, ABS-CBN, PhilWeb, SSI Group, Benguet A and B shares, Roxas and Co., and Metro Retail. Meanwhile, Filinvest Land and Boulevard Holdings remained unchanged.