PSE Index Down As It Fails To Muster Momentum

The Philippine Stock Exchange (PSE) index experienced a decline in the most recent trading session, lacking the momentum needed to reverse the trend.

The Philippine Stock Exchange (PSE) Index, December 6, 2023

Despite significant foreign buying activity, the index closed with a marginal drop of 3.10 points or 0.05 percent, settling at 6,305.85 points.

At the market recess, only the services sector showed gains, marking a 20-point loss in the index. However, robust trading activity resulted in holding firms turning positive by the close.

The gains in the services sub-index (0.93 percent) and holding firms (0.29 percent) were insufficient to offset losses in financials (down by 0.89 percent), industrial (down by 0.29 percent), mining and oil (down by 0.66 percent), and property (down by 0.28 percent).

ICTSI emerged as the most active stock, gaining P6.20 to reach P235 on trades amounting to P742 million, contributing to the rise in the services sub-index. Market bellwether SM Investments, which increased by P4.50 to P828, helped the holding firms achieve a 0.29 percent rise.

The market witnessed volatility, with ICTSI reaching a low of P226 before closing at P235, while SM fluctuated from a low of P821 to a high of P828.50. Bloomberry, another stock in the services sector, increased by 9 centavos to P9.64 but experienced fluctuations, reaching as low as P9.50.

Among the gainers were Metrobank, up by 35 centavos to P50.85, Ayala Land up by 35 centavos to P31.40, Century Food up by P1.20 to P32.50, Security Bank up by P1.30 to P70.30, Dito CME up by 15 centavos to P2.40, Converge up by 8 centavos to P8.20, and Alliance Global up by 3 centavos to P9.65.

On the losing side were BDO Unibank, the third most active with P305 million in trades, which declined by P2 to P129.70, Bank of PI, down by P1.50 to P104.50, Universal Robina, down by P1.40 to P112.40, SM Prime, down by 30 centavos to P33, Wilcon Depot, down by 15 centavos to P20.10, Globe Telecom, down by P9 to P1,718, PLDT, down by P6 to P1,270, and Semirara Mining, down by 20 centavos to P29.

Unchanged stocks included Robinsons Land at P15, Alternergy Holdings at P0.76, and Aboitiz Equity at P49.

Foreign buying amounted to P3.082 billion, while foreign selling reached P2.703 billion, resulting in net foreign buying of P378 million. The total value turnover for the session was P5.7 billion, with 79 gainers, 92 losers, and 50 shares unchanged.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem