PSE Index Plunges Again Amid Continued Foreign Selling

The Philippine Stock Exchange (PSE) index dropped sharply today due to persistent foreign selling, closing at 6,810.11 points—a decline of 129.90 points or 1.87%.

The Philippine Stock Exchange (PSE) Index, November 12, 2024

This is the index's lowest point and brings it within 11 points of breaching the next support level at 6,800 points.

All sub-indices fell by more than one percent, reflecting a bearish sentiment that has taken over the market. Just three weeks ago, the index had climbed past its 7,500-point resistance level, only to decline in the wake of the U.S. election results.

President-elect Donald Trump’s pro-business stance is expected to encourage U.S. firms to return operations back to the country, which could impact markets overseas.

The property sector suffered the most significant losses, with property giants Ayala Land and SM Prime declining by 3.32% and 2.82%, respectively, contributing to an overall property index drop of 2.32%.

Other sectoral losses included financials (-1.64%), industrial (-1.73%), holding firms (-1.10%), services (-2.22%), and mining and oil (-1.47%).

Value turnover reached PHP5.58 billion, with foreign trades making up PHP5.3 billion. Net foreign selling amounted to PHP1.108 billion, with foreign sellers accounting for PHP3.20 billion and foreign buyers PHP2.10 billion.

Losers outnumbered gainers 134 to 61, while 63 stocks remained unchanged. Despite the downturn, SM Investments posted a slight gain, rising by PHP2 to close at PHP917.

Among the top losers were notable companies such as BDO Unibank, ICTSI, Bank of the Philippine Islands, Citystate, PNB, Security Bank, Union Bank, Ayala Corp., Aboitiz Equity, PLDT, and Universal Robina.

Also in the red were Alternergy, Citicore REIT, Meralco, Manila Water, SPNEC, Cebu Air, PAL, Semirara Mining, Oceana Gold, Philex Mining, DigiPlus, Puregold, Robinson’s Retail, Wilcon Depot, Petron, Synergy Grid, Monde Nissin, Jollibee Foods, Vitarich, Ginebra, GT Capital, CEMEX Holdings, Megawide, JG Summit, LT Group, Converge, Dito CME, and Century Food.

Gainers included Bank of Commerce, Asiabest, Araneta Properties, Seafront Resources, Manila Broadcasting, Keepers Holdings, Emperador, Megaworld, EEI, Philweb, GMA-7, and Pacifica.

Stocks that remained unchanged included MRC Allied, Century Properties, Abacore, Filinvest Land, Belle Corp., Boulevard Holdings, Figaro Coffee, and Atlas Mining.