PSE Index Ends Week In Sharp Decline

The Philippine Stock Exchange (PSE) index declined sharply Friday, falling by 101.15 points or 1.36 percent to close at 7,310.32 points.

The Philippine Stock Exchange (PSE) Index, October 11, 2024

All sub-indices ended in the red following a sell-down that pushed the index through two milestone levels before recovering one level before the close.

Foreign investors remained net sellers, although trading activity was muted, reflecting the lackluster support from local investors. Total value turnover was P5.5 billion, with foreign trades accounting for P5.8 billion.

Net foreign selling amounted to P27.4 million, with foreign buying at P2.930 billion compared to foreign selling of P2.957 billion.

All sub-indices recorded losses of over one percent, except for the industrial sector, which saw a marginal decline of 0.28 percent.

Financials lost 1.04 percent, services dropped by 1.70 percent, mining and oil declined by 1.44 percent, holding firms fell by 1.36 percent, while property suffered the most, down by 2.20 percent, as major property developers Ayala Land and SM Prime declined.

There were 131 decliners, led by market bellwether SM Investments, which fell by P14 to P965, a loss of 1.31 percent.

Other decliners included BDO Unibank, ICTSI, Metrobank, Bank of PI, Universal Robina, Roxas and Co, China Bank, EastWest, San Miguel, Alliance Global, Petron, Manila Water, SPNEC, Cosco Capital, GT Capital, and JG Summit.

Big players' Security Bank, Union Bank, Acen Corp., Aboitiz Power, Citicore RE, Axelum, Monde Nissin, Vitarich, CEMEX Holdings, Jollibee Foods, Cebu Air, PLDT, Megawide, Shakey's Pizza, D&L Industries, MacroAsia, Puregold, and Robinsons Retail also faltered.

On the other hand, gainers included Globe Telecom, Meralco, Haus Talk, Citystate Savings, Rockwell Land, Emperador, DMC Holdings, PNB, Synergy Grid, Century Pacific Food, Victorias Milling, Converge, PAL, DigiPlus, Boulevard Holdings, LT Group, and Greenenergy.

Unchanged stocks were Alternergy, First Gen, Semirara Mining, Shell Pilipinas, and Citicore REIT.