PSE Index Crumbles

The Philippine Stock Exchange (PSE) index today experienced a notable downturn, with only the Financials sector posting a gain, closing at 6,878.54 points, down by 26.92 points or 0.39 percent.

The Philippine Stock Exchange (PSE) Index, March 6, 2024

Banking giants such as BDO Unibank, Bank of PI, and Metrobank recorded gains, contributing to a modest 0.79 percent rise in the Financials sub-index, while other institutions like Security Bank and Union Bank faced declines.

The Industrial sector fell by 1.29 percent, Holding Firms by 0.52 percent, Services by 0.46 percent, Mining and Oil by 0.36 percent, and Property by 0.71 percent, as investors' enthusiasm was dampened by the surge in the inflation rate and the expected continuation of high-interest rates.

Value turnover amounted to just P4.8 billion, with foreign buying also pausing, as net buyers totaled only P50 million on foreign buying of P2.43 billion and foreign selling reaching P2.382 billion.

Market bellwether went down by P10 to P953, one of 104 losers for the day, which had 78 gainers and 58 shares unchanged.

Other losers included property giants Ayala Land and Robinsons Land, Ayala Corp, ICTSI, Meralco, ACEN Corp, Manila Water, Jollibee Foods, Aboitiz Equity, AgriNurture, Monde Nissin, GT Capital, PAL, Globe Telecom, Bloomberry, Digiplus, Nickel Asia, and Century Food.

Among the gainers were Aboitiz Power, First Gen, D&L Industries, Megawide, Aboitiz Equity, Apex Mining, PLDT, SM Prime, DITO, JG Summit, and Cebu Air. Those unchanged were Alternergy, GMA 7, SPNEC, Shakeys, Citicore RT, Converge Abacore, and Megaworld.

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