PSE Index Plummets On Foreign Selling

The Philippine Stock Exchange (PSE) index Thursday plummeted on a huge foreign selling spree, falling below its support level but only managed to nose up at the close to 7,014.44 points, a hefty loss of 150.98 points or 2.11 percent.

The Philippine Stock Exchange (PSE) Index, November 7, 2024

This was the biggest index loss for the index after it rallied on a 21-day foreign buying spree two weeks ago.

Property posted the biggest loss of 3.94 percent following the 4.85 loss for Ayala Land to P31.40 and that of SM Prime, down by 5.37 percent to P28.20 while financials went down by 2.11 percent headlined by a 1.33 percent loss for BDO Unibank which was the second most active stock with P961 million as it went down by P2 to P148.

Industrial declined by 2.26 percent, holding firms lost 1.91 percent and mining and oil declined by 2.59 percent. Services,  with ICTSI going up by P4.80 to P400 as it emerged as the most active stock with P3.094 billion in trades, went up by 0.05 percent.

Net foreign selling amounted to a hefty P3.89 billion, the first time it hit that amount, on foreign buying of P2.307 billion and foreign selling of P6.206 billion.

Total foreign trades amounted to P8.5 billion of the value turnover of P9.72 billion. The foreign selling saw losers outnumber gainers by a factor of 3.5 at 167 losers against 46 gainers. There were 40 shares unchanged.

The index plunged to a low of 6,923.99 points as foreign investors dumped their holdings. 

BDO Unibank had foreign selling of P426 million out of its P961 million in trades, Bank of PI had P167 Million of P412 million in trades, JG Summit had P40 million foreign selling out of P79 million, GT Capital with P46 million out of P114 million and market bellwether SM Investments had P89 of P350 million as it went down by P22 to P940.

Among the losers were Security Bank, Meralco, Digiplus, East West, PLDT, Globe Telecom, PSE, Vantage Equities, PNB, Marcventure Holdings, Century Food, D&L Industries, SPNEC, and Union Bank.

Petron, Semirara Mining, Ginebra, Jollibee Foods, Monde Nissin, Cosco Capital, DMC Holdings, Converge, Atlas Mining, Apex Mining, Robinsons Land, Philex Mining, Puregold, Belle Corp., Bloomberry, Filinvest, DoubleDragon, ABS-CBN, GMA-7, Vista Land, Rockwell, LT Group, Macroasia, PAL, Universal Robina, Victorias, ACEN Corp., Alternergy, Manila Water, Dito CME and AgriNurture.

Among the gainers were SMC Food and Beverage, Axelum, Shakey's Pizza, CEMEX Holdings, RL Commercial, Philweb, SSI Group, Philseven, and Ferronickel while those unchanged were Ayala Corp., Citicore RE, Fruitas Holdings, and Greenergy.