PSE Index Retreats Further

The Philippine Stock Exchange (PSE) saw further declines Wednesday, with the index retreating and briefly dropping below a milestone level before closing at 6,607.22 points, down by 26.44 points or 0.40 percent.

The Philippine Stock Exchange (PSE) Index, May 22, 2024

The financials sector lost 1.16 percent, industrials fell by 0.18 percent, mining and oil decreased by 1.07 percent, and property declined by 1.39 percent. However, holding firms edged up by 0.17 percent, buoyed by gains in market bellwether SM Investments.

The services sector rose by 0.90 percent, driven by top-traded International Container Terminal Services Inc. (ICTSI), which closed 2.02 percent higher at PHP 354 after last week's announcement of a USD 800 million container facility in Bauan, Batangas.

Value turnover amounted to PHP 5.35 billion in trading.

The index hit a low of 6,578.58 points during the session before recovering slightly. Foreign buying totaled PHP 2.315 billion, while foreign selling reached PHP 2.959 billion, resulting in net foreign selling of PHP 644 million.

The market recorded 111 losers, 82 gainers, and 50 unchanged shares.

Among the gainers were Bloomberry Resorts, DigiPlus, Philippine Seven Corporation, Wilcon Depot, Philex Mining, Semirara Mining, Synergy Grid, Shakey's Pizza, CEMEX Holdings, AREIT, ACEN Corporation, D&L Industries, San Miguel Food and Beverage, Figaro Coffee, Robinsons Land, and ABS-CBN.

Unchanged stocks included Roxas and Company, Philippine National Bank, Megawide, AbaCore Capital Holdings, and MREIT.

The list of losers featured GT Capital, Ayala Land, SM Prime Holdings, SP New Energy Corporation, Megaworld, Bank of the Philippine Islands, BDO Unibank, Metrobank, Aboitiz Equity Ventures, Puregold Price Club, Meralco, and Manila Water.

Also down were Monde Nissin, Emperador, Security Bank, Alternergy Holdings, Aboitiz Power, Jollibee Foods Corporation, Universal Robina Corporation, JG Summit, LT Group, DoubleDragon Properties, Apex Mining, and Nickel Asia.