PSE Index In Correction Phase

The Philippine Stock Exchange (PSE) index entered a correction phase on Wednesday, with all sub-indices in the red, except for mining and oil, which gained riding on a new high in gold prices.

The Philippine Stock Exchange (PSE) Index, September 25, 2024

The index closed at 7,362.62 points, down by 69.59 points or 0.94 percent. The index had earlier approached this level during a bullish run.

Gold prices shot up to a new high of $2,665 per ounce, resulting in the mining and oil sector surging by 2.83 percent. Meanwhile, financials lost 2.02 percent, industrials by 0.17 percent, services by 0.71 percent, holding firms by 0.55 percent, and property by 0.42 percent.

Analysts had earlier projected the correction in share prices due to overbought levels, especially in banking shares.

As a result, BDO Unibank lost 1.44 percent to P164.60, down by P2.40 on trades worth P791 million, emerging as the most active stock. ICTSI was the second most active, with trades amounting to P743 million, as it fell by P3 to P410.

Market bellwether SM Investments was unchanged at P995. Foreign investors continued their significant participation in the market with a net foreign inflow of P921 million, on buying of P5.09 billion against foreign selling of P4.17 billion.

Value turnover reached P8.048 billion, with 97 gainers, 99 losers, and 57 shares unchanged.

Among the gainers were Ayala Land, Metrobank, Universal Robina, Filinvest Land, PXP Energy, Philex Mining, Manila Water, Atlas Mining, Apex Mining, Aboitiz Power, Ginebra, AREIT, Converge, and Boulevard Holdings.

Also in the green were Puregold, Oriental Petroleum, Century Food, D&L Industries, Alliance Global, Cebu Air, PAL, Shang Properties, GT Capital, Dito CME, Belle Corp., DigiPlus, and Ferronickel.

Unchanged stocks included Citicore REIT, Semirara Mining, DMC Holdings, Fruitas Holdings, MRC Allied, Nickel Asia, and Philodrill.

The losers included Bank of the Philippine Islands, Ayala Corp, China Bank, PNB, Security Bank, Union Bank, Jollibee Foods, SM Prime, ACEN Corp., Alternergy, Meralco, SPNEC, Emperador, Monde Nissin, Vitarich, Abacore, LT Group, Aboitiz Equity, San Miguel, MREIT, First Gen, MacroAsia, PLDT, Globe Telecom, ABS-CBN, GMA-7, Bloomberry, JG Summit, Megawide, Philseven, SSI Group, Wilcon Depot, DoubleDragon, and OceanaGold.