PSE Index Plummets Anew

The Philippine Stock Exchange (PSE) index plummeted again today, dropping to a milestone low, with all top ten stocks in the red.

The Philippine Stock Exchange (PSE) Index, February 10, 2025

A possible shock from a potential price spiral in the U.S. unsettled the market, causing it to close at 6,037.12 points, down by 117.87 points or 1.92 percent.

Only the mining and oil index survived the meltdown, rising by 0.90 percent. All other sectors were in the red as Property declined by 2.43 percent, Holding firms fell by 1.56 percent, Financials lost 2.42 percent, Industrials dropped by 0.40 percent, and Services declined by 1.61 percent

Market bellwether SM Investments retreated below ₱800, closing at ₱793, down by ₱10.50, after hitting a high of ₱819. BDO Unibank, the most actively traded stock with ₱745 million in transactions, lost ₱3.10 or 2.24 percent, closing at ₱135.60.

China Bank, which previously surged after earning a spot in the PSE index, dropped by 2.68 percent to ₱348.60, a loss of ₱3.10.

Foreign investors were net sellers, offloading ₱438 million in stocks, with foreign buying at ₱2.707 billion against foreign selling of ₱3.145 billion.

Analysts suggested that the market might test the support level at 5,850 points, as fears of another inflation spiral in the U.S. could impact both the Philippines and the ASEAN region.

Total value turnover amounted to ₱5.69 billion, with 78 gainers, 111 losers, and 44 unchanged stocks. A key market development was the continued decline of JG Summit, which dropped to as low as ₱15.12 before slightly recovering to ₱15.16, still down by 6.3 percent or ₱1.02.

Market sentiment suggests the stock may be excluded from the MSCI index, with an announcement expected on Wednesday.

Alliance Global, PNB, PSE, Synergy Grid, Pilipinas Shell, Robinsons Land, Robinsons Retail, Cebu Landmasters, Alternergy, Meralco, Century Food, GMA-7, Converge, Belle Corp, San Miguel, Citicore REIT, and Metro Retail.

ICTSI, Bank of PI, Metrobank, Ayala Land, SM Prime, Ayala Corp, DigiPlus, ACEN Corp, Aboitiz Power, Citicore RE, Figaro Coffee, Basic Energy, Aba Ore, Manila Water, First Gen, Emperador, Ginebra, VistaREIT, ABS-CBN, Puregold, PhilSeven, Globe Telecom, and PLDT.

SPNEC, EastWest, Petron, CEMEX Holdings, Century Properties, LT Group, OceanaGold, and Semirara Mining.