PSE Index Retreats

The Philippine Stock Exchange (PSE) index retreated Monday to a lower milestone level to close at 6,571.60 points, down by 48.29 points or 0.73 percent.

The Philippine Stock Exchange (PSE) Index, May 27, 2024

Investors dumped their shares for lack of any catalyst to prop the market which has remained sluggish.

Only the industrial sector posted a gain, a smallish 0.26 percent rise as financials declined by 0.90 percent, holding firms by 0.67 percent, services by 0.78 percent, property by 0.84 percent, and mining and oil by 1.35 percent.

Eight of the Top 10 active stocks posted losses with the exception of DigiPlus, which went up by 6.39 percent to P14.32, and Aboitiz Equity which closed unchanged at P37.70. Ayala Land was the most active with P713 million as it went down by 40 centavos to P28.45 followed by BDO Unibank with P412 million in trades as it lost 70 centavos to P135.

Third was Bank of PI which declined by P1.90 to P121.10 on trades of P370 million.

Value turnover amounted to P4.1 billion with 84 gainers, 104 losers, and 45 shares unchanged. Net foreign selling amounted to P487 million on foreign buys of P1.8 billion and foreign selling of P2.36 billion.

Among the gainers were China Bank, Security Bank, Phinma, ABS-CBN, Meralco, Alternergy, Synergy Grid, Roxas and Co., JG Summit, Megaworld, Bloomberry, Oceana Gold, Ayala Corp., GT Capital, San Miguel, Megawide, Universal Robina, Monde Nissin, Apex Mining and Semirara Mining. Unchanged were Basic Energy, Belle Corp., and Puregold.

The losers were ACEN Corp., Union Bank, Metrobank, First Gen, Manila Water, Petron, SPNEC, AgriNurture, Axelum, D&L Industries, Alliance Global, Robinson's Land, SM Prime, Globe Telecom, PLDT, Converge, Dito CME, Cebu Air, PAL, Wilcon Depot, Philex Mining, Nickel Asia, AREIT, Century Food, Ginebra, Jollibee Foods, PNB, ATlas Mining, and GMA-7.