PSE Index Dips Below Support Level

The Philippine Stock Exchange (PSE) index dipped below its support level Thursday, falling further during intra-day trading before slightly recovering.

The Philippine Stock Exchange (PSE) Index, January 30, 2025

However, major stocks continued to decline, and the market closed 45.81 points lower, down 0.74 percent to 6,107.66 points.

Market bellwether SM Investments dropped to P795, hitting a year-low of P788.50, in contrast to its year-high of P1,010. This reflected the depth to which the PSE index had declined, falling below its 6,150-point support level.

BDO Unibank, Bank of the Philippine Islands (BPI), Jollibee Foods, Bloomberry, Meralco, GT Capital, San Miguel, JG Summit, OceanaGold, Ayala Land, and Monde Nissin all posted losses.

The financial sector fell 1.06 percent, holding firms lost 2.12 percent, the industrial sector declined 0.80 percent, and mining and oil retreated 3.13 percent. Meanwhile, services gained 0.49 percent, and property rose 0.67 percent.

The index peaked at 6,163.02 before dropping to a low of 6,076.93 points. Net foreign selling reached P398 million, with foreign buying at P1.961 billion and foreign selling at P2.359 billion.

Total value turnover amounted to P4.93 billion, with 118 losers outnumbering 76 gainers, while 36 stocks remained unchanged. Port operator ICTSI was the most actively traded stock, with P820 million in trades, gaining P1.80 to close at P351.

Shares that closed the day in the green were SM Prime, Phil Seven, Wilcon Depot, Enex Energy, Aboitiz Equity, MRC Allied, Robinsons Land, GMA7, Converge, Boulevard Holdings, Philex Mining, Apex Mining, Atlas Mining, Belle Corp., Robinsons Retail, Emperador, Integrated Micro, Ferronickel, and GMA-7.

The losers were China Bank, PNB, Security Bank, Union Bank, Ayala Corp., Bright Kindle, ACEN Corp., Aboitiz Power, Basic Energy, PSE, AgriNurture, Semirara Mining, Synergy Grid, and Keepers Holdings.

Ginebra, Vitarich, Alliance Global, DMCI Holdings, Cosco Capital, LT Group, AREIT, DoubleDragon, Vista Land, VREIT, ABS-CBN, Cebu Air, MacroAsia, PAL, Puregold, and SSI Group also ended trading seeing red.

SPNEC, Figaro Coffee, D&L Industries, Haus Talk, PhilWeb, Citicore REIT, Citicore RT, Manila Water, and Abacore, meanwhile, ended the day unchanged.