PSE Index Retreats After Hitting 7,000-Point Level Again

The Philippine Stock Exchange (PSE) index retreated Wednesday, closing at its lowest point after briefly hitting the coveted 7,000-point level.

The Philippine Stock Exchange (PSE) Index, September 11, 2024

The index ended the day lower by 39.75 points, or 0.57 percent, to 6,944.88. Investors locking in their gains contributed to the market's decline as the index opened slightly above the 7,000 milestone, gaining 1.73 points to reach 7,017.74 at its peak.

Blue-chip stocks were sold off as they hit their highs, leading to the index's retreat.

Market bellwether SM Investments climbed to ₱920, ₱5 higher than its opening, before losing ground due to selling pressure, closing at ₱906, down by ₱2.

Ayala Land rose to ₱35.95 but ended the day lower by 95 centavos at ₱34.75. Jollibee Foods reached a high of ₱256 before closing at ₱250, just ₱1 above its lowest point, down by ₱2.60.

Only the services sub-index posted a gain, with a fractional rise of 0.0009 percent. Financials dropped by 0.37 percent, industrials by 0.41 percent, holding firms by 0.17 percent, mining and oil by 1.11 percent, and property by a significant 2.49 percent.

Value turnover increased by a third to ₱8.02 billion, while net foreign buying amounted to ₱340 million, with ₱2.975 billion in selling and ₱3.315 billion in buying.

Total foreign trades reached ₱6.29 billion, indicating higher local investments of ₱1.7 billion, which bodes well for the projected rise in the index during the "Ber" months.

Losers outnumbered gainers, with 131 stocks declining and 66 advancing, while 47 remained unchanged. BDO Unibank was the most active, with ₱608 million in trades, as it rose by ₱3.40 to ₱158.40, up by 2.19 percent.

ICTSI followed with ₱407 million in trades, closing 20 centavos higher at ₱207.20. Among the losers were DigiPlus, Figaro Coffee, Metrobank, Security Bank, Union Bank, ACEN Corp, First Gen, Fruitas Holdings, Globe Telecom, Meralco, Manila Water, Petron, and Semirara Mining.

SPEC, AgriNurture, GT Capital, Ayala Corp, Puregold, Belle Corp, Ayala Land, SM Prime, LT Group, Apex Mining, OceanGold, Philex Mining, Cebu Air, DoubleDragon, Vista Land, and Wilcon Depot took a dip, as well.

Among the gainers were Aboitiz Power, Axelum, Emperador, Alliance Global, PAL, GMA-7, Ginebra, Monde Nissin, Megawide, Converge, PLDT, San Miguel, Haus Talk, and Bloomberry.

Stocks that remained unchanged include Alternergy, Citicore REIT, Vitarich, JG Summit, Filinvest Land, Megaworld, DITO CME, Boulevard Holdings, and Philodrill.