PSE Index Down Slightly On Gold Bite

The Philippine Stock Exchange (PSE) index declined slightly today, weighed down by a significant drop in the Mining and Oil sub-index following a decrease in gold prices.

The Philippine Stock Exchange (PSE) Index, February 27, 2025

The decline was driven by a stronger U.S. dollar and an upswing in U.S. Treasury yields. The PSE index closed at 6,124.09 points, down by 20.87 points or 0.34 percent. Philex Mining, OceanaGold, Apex Mining, and Atlas Mining suffered losses, leading to a sharp 1.58 percent drop in the sector.

Even Nickel Asia, despite declaring a cash dividend, was not spared.

Other sub-indices also moved downward: Industrials lost 0.37 percent, Holding Firms declined by 0.69 percent, Services dropped by 0.31 percent, and Property retreated by 0.81 percent.

Financials bucked the trend, with the sub-index gaining 0.23 percent, despite declines in many banking stocks.

This was primarily due to a 1.76 percent rise in BDO Unibank, which emerged as the most actively traded stock with ₱1.022 billion in transactions, gaining ₱2.60 to close at ₱150.50. Other gainers included Union Bank and PNB, while Bank of the Philippine Islands (BPI), Metrobank, EastWest Bank, and China Bank recorded losses.

The market opened higher than Wednesday’s close and briefly climbed to 6,168.83 points before profit-taking dragged it down to 6,122.05 points.

The decline in gold futures by 1.1 percent to $2,891 per ounce triggered a sell-off in gold mining stocks. Analysts attributed the drop to the strengthening U.S. dollar and rising U.S. Treasury yields.

Meanwhile, ABS-CBN saw its stock price rise following the disclosure of its ₱6.2 billion sale of three hectares from its 4.4-hectare Quezon City headquarters.

However, Ayala Land, the purchasing company, saw its shares decline. Total value turnover reached ₱6.24 billion, with net foreign selling exerting further pressure on stocks.

Foreign buying totaled ₱3.674 billion, while foreign selling hit ₱4.042 billion, resulting in net foreign selling of ₱368 million.

There were 73 gainers, 103 losers, and 61 unchanged stocks, with market bellwether SM Investments leading the losers.

ACEN Corp., Century Pacific Food, Monde Nissin, Emperador, D&L Industries, Ginebra, Vitarich, Victorias Milling, GT Capital, Filinvest Land, Filinvest REIT, Robinsons Land, Converge, Robinsons Retail, STI Holdings, Belle Corp., and Philodrill, ended the day in the green.

Universal Robina, Ayala Corp., Jollibee Foods, Aboitiz Power, Shell Pilipinas, Citicore REIT, Manila Water, Meralco, Synergy Grid, SPNEC, AgriNurture, Shakey’s, Megawide, Abacore, Cosco Capital, JG Summit, Century Properties, DoubleDragon, Megaworld, MRC Allied, GMA Network, PLDT, Cebu Air, MacroAsia, Bloomberry, PH Resorts, DigiPlus, and Philippine Seven Corp., were the day's stocks closing in. the red.

ICTSI, Security Bank, Alternergy, Petron, Keepers Holdings, Aboitiz Equity, DMCI Holdings, San Miguel, Vista Land, and Globe Telecom remained unchanged.