PSE Index Crumbles

The Philippine Stock Exchange (PSE) index experienced a significant downturn Wednesday due to substantial sell-offs in blue-chip stocks in mid-trade.

The Philippine Stock Exchange (PSE) Index, January 10, 2024

Despite a rapid ascent that initially had all sub-indices in the green, the emergence of selling pressure resulted in a substantial loss of 72.41 points or 1.09 percent, bringing the index down to 6,546.11 points, marking a milestone level drop.

Only the Financials sector managed to withstand the loss, as the top-traded BDO Unibank increased by 1.12 percent to P135.10, gaining P1.50, and with Metrobank's support, rising by 10 centavos to P55.50, resulting in a 0.38 percent increase.

All other sectors experienced declines of more than one percent, with Property down by 0.53 percent, Holding Firms losing 1.84 percent, Industrial by 1.42 percent, Services by 1.49 percent, and Mining and Oil by 1.41 percent.

The substantial decline, coupled with a surge in value turnover, has sparked fears of a market meltdown, described in market parlance as "catching a falling knife."

Total trades reached P11.47 billion, more than double the average, with only 59 gainers, 129 losers, and 37 shares remaining unchanged.

Ayala Corp posted a significant loss of P31 or 4.45 percent, attributed to the sale of its shares at a considerable discount to its price.

Other losers included market bellwether SM Investments, ACEN Corp, Meralco, Aboitiz Equity, Manila Water, Megaworld, Security Bank, Globe Telecom, PLDT, Bloomberry, ICTSI, Jollibee Foods, Ginebra, Semirara Mining, AgriNurture, Monde Nissin, and Union Bank.

On the positive side, gainers included San Miguel, Puregold, Robinsons Land, Philweb, DM Wenceslao, Axelum, Century Food, Universal Robina, Abacore Capital, Ayala REIT, GT Capital, Coal Asia, and Cosco Capital.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem