PSE Index Remains Weak

The Philippine Stock Exchange (PSE) index experienced another downturn, closing slightly lower at 6,503.54 points, reflecting a 7.33 point or 0.11 percent loss.

The Philippine Stock Exchange (PSE) Index, January 19, 2024

Foreign investors engaged in profit-taking, leading to net selling, but the rise in share prices for selected issues at the close indicated potential buying opportunities.

Gainers outnumbered losers, with 106 gaining against 65 losing, and 59 shares remaining unchanged. The total trades amounted to P6.18 billion, with foreign buying at P4.14 billion and foreign selling reaching P4.94 billion, resulting in a net foreign selling of P802 million.

The most active stock was ICTSI, with a trade value of P2.458 billion, closing down by P8.60 or 3.47 percent at P239.20.

In terms of sectoral performance, property rose by 0.98 percent, mining and oil increased by 0.68 percent, and industrial gained 0.94 percent. However, holding firms went down by 0.43 percent, financials lost 0.61 percent, and services declined by 1.11 percent.

The market exhibited volatility, as reflected by the performance of market bellwether SM Investments, which closed P2 down at P870 after reaching a high of P881.50 and a low of P868.50.

Gainers included Globe Telecom, PLDT, DITO CME, Converge, Bloomberry, Megaworld, BDO Unibank, Ayala Land, Nickel Asia, Universal Robina, Philex Mining, SM Prime, Security Bank, and Premium Leisure.

Stocks that remained unchanged included Atlas Mining, Aboitiz Equity, and Semirara Mining.

Among the losers were Bank of the Philippine Islands (BPI), Cosco Capital, Emperador, Megawide, JG Summit, GT Capital, PNB, Robinson Land, and Aboitiz Power.

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