PSE Index Crashes To New Low

The Philippine Stock Exchange (PSE) index today crashed to a new low, declining below its support level of 6,400 points.

The Philippine Stock Exchange (PSE) Index, January 13, 2025

This indicates a resurgence of bearish sentiments, exacerbated by the fallout from the U.S. stock market. The index closed at 6,343.10 points, down by 153.22 points or 2.36 percent.

Investors were caught off guard by the significant drop, as surprising economic news from the U.S. suggested the possibility of rising interest rates or the continuation of current rates to address an inflation uptick.

Market bellwether SM Investments experienced a sharp decline of 4.14 percent to ₱834, losing ₱36 amid a selloff. Nine of the top ten most-traded stocks posted losses. BDO Unibank was the day's most active stock, with ₱472 million in transactions, closing down 80 centavos at ₱146.70.

All sub-indices posted substantial losses except for Mining and Oil, which retreated by only 0.30 percent.

Holding Firms declined the most, dropping by 3.47 percent, as major players such as Ayala Corp., Alliance Global, JG Summit, LT Group, Aboitiz Equity Ventures, and GT Capital joined SM Investments in the red.

Other sectors also suffered, with Services down by 1.54 percent, Property by 1.79 percent, Industrials by 1.38 percent, and Financials losing 1.46 percent.

Net foreign selling amounted to ₱696 million, with foreign buying at ₱2.268 billion against foreign selling of ₱2.964 billion. Decliners nearly doubled the number of advancers, with 123 losers against 68 gainers, while 51 stocks remained unchanged. Total value turnover reached ₱4.9 billion.

Among the losers were DigiPlus, PhilWeb, Puregold, SSI Group, Ayala Land, SM Prime, ICTSI, Jollibee Foods, Bank of the Philippine Islands, Metrobank, Wilcon Depot, Apex Mining, OceanaGold, ENEX Energy, Philodrill, Vantage Equities, Security Bank, ACEN Corp., First Gen, Citicore REIT, Meralco, Manila Water, Megaworld, Universal Robina, DoubleDragon, Cebu Air, PAL, DITO CME, and Monde Nissin.

On the other hand, gainers included China Bank, Union Bank, Semirara Mining, Ginebra, EEI, SPNEC, Emperador, Steniel Manufacturing, AREIT, Bright Kindle, Roxas and Co., Petron, Philex Mining, and Philippine Seven Corp.

Unchanged stocks included Alternergy, Shell Pilipinas, MRC Allied, GMA-7, Haus Talk, Megawide, and Vista Land.