PSE Index Drops Below Key Support Levels Amid Foreign Selling

The Philippine Stock Exchange (PSE) index tumbled below two key support levels Thursday as foreign investors continued their selling spree, with net foreign selling surpassing P2 billion for the first time in two weeks.

The Philippine Stock Exchange (PSE) Index, November 14, 2024

The index closed at 6,557.09 points, down by 157.24 points, or 2.34%.

Decliners vastly outnumbered gainers by more than five to one. Market bellwether SM Investments dropped to a low of P876, and other blue-chip stocks also fell under continued foreign selling pressure.

Total net foreign selling reached P2.05 billion, based on P2.557 billion in foreign buying and P4.609 billion in foreign selling. Local traders contributed only P400 million in trades amid the bearish sentiment.

The property sector suffered a significant 3.42% loss, led by Ayala Land, the most active stock with over a billion pesos in trades.

Its share price dropped P1.45, or 4.79%, to P28.50. Other blue chips, including SM Prime, BDO Unibank, Universal Robina, and Ayala Corp., also posted losses, with URC down as much as 6.91%.

All sectors closed lower, with financials down 1.76%, industrials down 2.47%, holding firms down 2.80%, services down 0.85%, and mining and oil down 3.69%.

Total trade volume amounted to P7.52 billion, with 35 gainers, 181 losers, and 38 stocks unchanged.

Among the unchanged stocks were Bank of PI, PSE, Alternergy, Figaro Coffee, Security Bank, Globe Telecom, and Boulevard Holdings. Gainers included ICTSI, Jollibee Foods, Aboitiz Equity, AgriNurture, Citicore RE, Manila Water, and Emperador.

Stocks that suffered notable losses included China Bank, Metrobank, PNB, Basic Energy, Union Bank, ACEN Corp, Meralco, Petron, Semirara Mining, Shell Pilipinas, Synergy Grid, Belle Corp., Bloomberry, DigiPlus, SSI Group, Wilcon Depot, and many others in the mining and energy sectors.