PSE Index Crumbles

The Philippine Stock Exchange (PSE) index witnessed a significant downturn today, described by analysts as a healthy correction.

The Philippine Stock Exchange (PSE) Index, January 17, 2024

All sub-indices, except for Financials, recorded substantial losses as the index dropped to 6,572.51 points, marking a decrease of 64.49 points or 0.97 percent.

During the market recess, the Financials showed resilience, keeping the index at 6,600 points. However, a late sell-off led to a decline, with property falling by 1.61 percent, mining and oil by 2.02 percent, services by 0.74 percent, industrial by 0.99 percent, and holding firms by 1.19 percent.

Financials experienced a more modest decrease of 0.04 percent.

Market bellwether SM Investments fell by P15 or 1.69 percent to P875, although Ayala Corp and GT Capital helped mitigate the overall loss. Gaining ground were Metrobank, First Gen, Meralco, Century Food, Emperador, SM Food and Beverage, Megawide, EEI, Alliance Global, DMC Holdings, and PLDT.

On the losing side were BDO Unibank, Ayala Land, SM Prime, Universal Robina, ICTSI, Security Bank, Union Bank, Philex Mining, Atlas Mining, ACEN Corp, Manila Water, Semirara Mining, Jollibee Foods, Monde Nissin, Globe Telecom, Megaworld, Bank of the Philippine Islands, and Cebu Air.

The total value turnover reached P6.67 billion, with 80 gainers, 108 losers, and 50 shares remaining unchanged. Foreign buying amounted to P3.54 billion, while foreign selling reached P3.48 billion, resulting in a net foreign buying of P63 million.

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