PSE Index Plunges Below Support Level

The Philippine Stock Exchange (PSE) index declined further Wednesday, plunging below its new support level as foreign selling continued.

The Philippine Stock Exchange (PSE) Index, November 13, 2024

It closed at 6,714.33 points, down by 95.78 points or 1.41 percent. All sub-indices were down substantially as foreign investors maintained their selling spree. Net foreign selling amounted to P1.19 billion, with foreign buying at P3.13 billion against foreign selling of P4.33 billion.

Value turnover amounted to P6.94 billion.

Financials lost 1.84 percent, industrials were down by 1.80 percent, holding firms fell by 1.33 percent, services lost 0.85 percent, mining and oil declined by 0.34 percent, and property was down by 0.64 percent.

Market bellwether SM Investments declined by P17 to P900, marking its lowest price point and mirroring the index’s close, which was also at its lowest.

Most other stocks closed at or near their lowest levels, including Globe Telecom, BDO Unibank, ICTSI, GT Capital, and Bank of PI. Losers outnumbered gainers more than two to one, with 140 stocks declining, 66 advancing, and 48 unchanged.

Among the major losers were Universal Robina, Security Bank, Ayala Land, SM Prime, SPNEC, PNB, Union Bank, PLDT, Petron, Manila Water, Meralco, JG Summit, Aboitiz Power, ACEN Corp., and China Bank.

In the red as well were Semirara Mining, Jollibee Foods, GMA-7, Dito CME, AbaCore, Emperador, Cosco Capital, Alliance Global, Metrobank, Alternergy, Figaro Coffee, DoubleDragon, Apex Mining, Atlas Mining, OceanaGold, Belle Corp., Bloomberry, Puregold, Wilcon Depot, and SSI Group.

Gainers included San Miguel, PSE, Synergy Grid, Ginebra, Citicore RT, ABS-CBN, Converge, MacroAsia, DigiPlus, DNC Holdings, Shell Pilipinas, Ginebra, and Philex Mining. Those that remained unchanged included Citicore RE, Vantage, AgriNurture, San Miguel, Filinvest Land, Boulevard Holdings, and Citystate Savings, which was the top gainer.