PSE Index In Continued Decline

The Philippine Stock Exchange (PSE) index continued its decline, closing at 6,110.88 points, a loss of 5.26 points or 0.09 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 14, 2023

The decline was attributed to net selling from foreign investors in another day of muted trade, with bearish sentiments affecting the market.

Financials fell by 0.82 percent, industrials by 0.41 percent, services by 0.68 percent, and mining and oil by 0.52 percent. However, holding firms rose by 0.37 percent, and property was up by 0.58 percent due to bargain hunting.

Total trades remained low at just P2.87 billion, with 63 gainers, 104 losers, and 45 shares unchanged. Foreign buying amounted to P1.53 billion, while foreign selling reached P1.64 billion, resulting in net foreign selling of P107 million.

Analysts anticipate the market to move sideways with a bias toward decline due to the lack of economic news to drive the market.

The decline in interest is evident in the drop in share prices of listed issues, even those with higher profit figures. For example, Bloomberry saw a 2.92 percent drop to P9.30 despite reporting over P8 billion in earnings last week.

The lack of interest, especially from foreign investors, is perceived as a key factor affecting the market.

Ayala Land emerged as the most active stock with P306 million in trades, rising by 45 centavos or 1.56 percent to P29.30. Bank of the Philippine Islands (BPI) bucked the trend in the financial sector, rising by a peso to P104 on trades of P282 million.

However, BDO Unibank lost P3.30 or 2.48 percent to close at P129.50.

Market bellwether SM Investments rose by P6 to P825, while GT Capital gained P8 to P548. JG Summit increased by 20 centavos to P38.20, while Ayala Corp remained unchanged at P620.

Aboitiz Equity lost 35 centavos to P48.10, and Alliance Global declined by 16 centavos to P10.50. PLDT and Aboitiz Power each decreased by a peso to P1,239 and P35.20, respectively, while Semirara Mining lost 25 centavos to close at P28.80.

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