PSE Index Down Again Amid Sluggish Trade

The Philippine Stock Exchange (PSE) index closed lower today, slipping by 34.44 points or 0.52 percent to settle at 6,613.36 points.

The Philippine Stock Exchange (PSE) Index, August 12, 2024

This decline occurred amidst a sluggish trading session, with the index even dropping to a low of 6,594.59 points during mid-trade as investors opted to lock in their gains and unload shares, a common trend observed during the so-called August ghost month.

The Services sector was the sole bright spot in the market, rising by 1.30 percent, driven by gains in major stocks like ICTSI, PLDT, Globe, and DigiPlus.

All other sub-indices, however, ended in the red: Financials fell by 0.60 percent, Industrials dipped by 0.28 percent, Holding Firms dropped by 1.53 percent, Mining and Oil slid by 1.72 percent, and Property declined by 0.53 percent.

Market bellwether SM Investments saw a significant drop, falling by PHP20 or 2.15 percent, leading the 105 losers on the board. In contrast, there were 79 gainers, while 52 stocks remained unchanged.

Total value turnover was notably lower, down by 40 percent from the average, amounting to PHP3.6 billion.

Foreign trades played a significant role in today’s activity, with total foreign trading volume reaching PHP2.2 billion. Foreign buying stood at PHP1.217 billion, while foreign selling was at PHP1.012 billion, resulting in a net foreign buying figure of PHP205.6 million.

Among the gainers were Metrobank, Bank of the Philippine Islands (BPI), Axelum, China Bank, Union Bank, Megaworld, MREIT, Cebu Pacific, PAL, ABS-CBN, Aboitiz Power, Shell Pilipinas, Aboitiz Equity Ventures, Ayala Land, and Bloomberry.

Meanwhile, stocks that remained unchanged included Petron, SPNEC, D&L Industrial, Emperador, Figaro Coffee, Robinsons Land, and Jollibee Foods.

On the losing side were major stocks such as BDO Unibank, SM Prime, Universal Robina, Security Bank, PNB, ACEN Corp, Abacore, Alternergy, Ayala Corp, Monde Nissin, Meralco, Manila Water, Wilcon Depot, Nickel Asia, Philex Mining, San Miguel, Converge, DoubleDragon, Megawide, and PhilWeb.

Today's market activity highlights the ongoing cautious sentiment among investors, particularly during the ghost month, which is historically known for its low trading volumes and muted market movements.