PSE Index Crumbles As It Is Dampened By Political Noise

The Philippine Stock Exchange (PSE) index crumbled today, losing a key milestone level as bearish sentiments took hold of the market.

The Philippine Stock Exchange (PSE) Index, November 27, 2024

Political noise dampened investor interest, leading the index to close at 6,702.59 points, down by 104.27 points or 1.53 percent.

Among the Top 10 active stocks, only BDO Unibank and DigiPlus managed to survive the sell-off, though their gains were modest—20 centavos for BDO and 35 centavos for DigiPlus. ICTSI emerged as the most actively traded stock, with transactions amounting to ₱568 million, although it declined by 1.28 percent to ₱385.

All sub-indices posted losses, with the holding firms sector being the hardest hit, declining by 2.4 percent. Market bellwether SM Investments fell to a new low of ₱879, down by ₱22 or 2.44 percent.

Financials dropped 0.89 percent, services by 1.23 percent, industrial by 0.60 percent, property by 1.61 percent, and mining and oil by 0.64 percent.

Value turnover reached ₱4.2 billion, with losers more than doubling gainers—125 to 60—while 49 shares remained unchanged. Net foreign selling totaled ₱539 million, with foreign buying amounting to ₱1.946 billion and foreign selling at ₱2.486 billion.

Among the losers were Bank of the Philippine Islands, Metrobank, PSE, ACEN Corporation, Monde Nissin, Ayala Corporation, Ayala Land, SM Prime, Aboitiz Power, China Bank, and Universal Robina.

Also seeing red were AbaCore, AsiaBest, LT Group, CEMEX Holdings, GT Capital, Megawide, DMCI Holdings, DoubleDragon, GMA-7, Converge, DITO CME, MRC Allied, Belle Corporation, Bloomberry, PLDT, JG Summit, SPNEC, Security Bank, Union Bank, Manila Water, Apex Mining, OceanaGold, Nickel Asia, and Wilcon Depot.

On the other hand, gainers included Meralco, Axelum, Basic Energy, Citicore REIT, Vitarich, Greenergy, Globe Telecom, Alliance Global, PAL, Filinvest Land, Jollibee Foods, D&L Industries, PhilWeb, Philex Mining, Alternergy, and PAL.

Meanwhile, unchanged stocks included Semirara Mining, Emperador, Cosco Capital, Atlas Mining, MREIT, Global Resorts, and Citicore RT.