PSE Index Posts Hefty Decline

The Philippine Stock Exchange (PSE) Index posted a significant decline Tuesday, with all the sub-indices ending the day in the red, closing at a milestone level of 7,239.98 points.

The Philippine Stock Exchange (PSE) Index, October 29, 2024

This marks a drop of 103.26 points, or 1.41 percent. The Property Index lost 2.29 percent, with Ayala Land and SM Prime Holdings suffering notable declines. Financials dropped by 1.55 percent, also dragged down by losses in Ayala Land and SM Prime share prices.

The Industrial sector shed 0.75 percent, while Holding Firms were down 0.93 percent. Services fell by 1.53 percent, and Mining and Oil dropped 0.99 percent.

The index opened at 7,331.83, its highest point of the day, before immediately cascading to a low of 7,230.97 points. However, market bellwether SM Investments defied the selloff, gaining P1.50 to close at P965.50.

Globe Telecom was the most active stock, with P919 million in trades, but it saw a substantial 7.33 percent drop to P2,100, down by P166.

BDO Unibank was the second most traded at P586 million, while the third most traded stock, Bank of the Philippine Islands (BPI), ended the day at P157, down by 20 centavos to P147.20.

Selling pressure from foreign investors proved too much for the market, which continued to trend lower, although it remains more than 200 points above its support level.

There were 147 losers against 55 gainers, with 41 stocks unchanged. Net foreign selling reached P933 million, with foreign buying at P2.537 billion and foreign selling at P3.471 billion.

Among the losers were ICTSI, Metrobank, Jollibee Foods, GT Capital, JG Summit, Cemex Holdings, Emperador, LT Group, Figaro Coffee, Converge, Ayala Corp., PhilWeb, AllHome, Aboitiz Power, and ACEN Corp.

China Bank, along with Security Bank, Union Bank, First Gen, Megawide, Vitarich, Universal Robina, MREIT, ABS-CBN, Cebu Air, PAL, DigiPlus, Atlas Mining, Apex Mining, and Bloomberry also ended the day down.

Rounding out the list of stocks in the red were DoubleDragon, Puregold, Semirara Mining, Manila Water, and Meralco.

Gainers included Asiabest, AgriNurture, PNB, SPNEC, Philex Mining, Boulevard Holdings, Belle Corp., Abacore, Monde, and Century Pacific Food. San Miguel, Alternergy, Greenergy, Filinvest Land, OceanaGold, Philodrill, and Filinvest Land were among the unchanged stocks.