PSE Index Sees Momentum Stall As Foreign Investors Sell

The Philippine Stock Exchange (PSE) index declined again Friday but remained above its support level as foreign investors were net sellers in muted trades.

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

Only the mining and oil sub-index posted a gain, closing at 6,780.13 points, down by 82.88 points or 1.21 percent.

Market bellwether SM Investments fell below P900, closing at P883, down by P21, as market disinterest grew amid the peso's decline against the dollar to P59:$1—a psychological threshold that could impact the stock market.

Financials lost 0.53 percent, industrials fell by 1.08 percent, holding firms declined by 1.49 percent, services were down by 1.61 percent, and property dropped by 0.79 percent. Only mining and oil rose slightly, up by 0.7 percent.

Value turnover dropped by half to P3.1 billion, with local investors accounting for nearly half a billion in trades.

Net foreign selling reached P584 million, with foreign buying at P1.087 billion and foreign selling at P1.671 billion.

Bank of the Philippine Islands (BPI) was the most actively traded stock, with P422 million in trades, losing P1.20 to close at P134.50. Among the top 10 active stocks, only Ayala Land posted a gain, rising five centavos to P30 on a value turnover of P114 million.

There were 108 losers, 76 gainers, and 64 unchanged shares. Unchanged stocks included GT Capital, Globe Telecom, Petron, Semirara Mining, AgriNurture, San Miguel, Home Talk, MerryMart, Cebu Landmasters, Century Properties, ABS-CBN, PAL, Filinvest Land, Fruitas, Victorias, Global-Estate, and Alternergy.

The day’s losers included BDO Unibank, Century Pacific Food, Abacore, Asiabest, JG Summit, AREIT, DoubleDragon, Megaworld, Robinsons Land, Suntrust Resort, GMA-7, and Converge.

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Also seeing red were ICTSI, Universal Robina, Jollibee Foods, Ayala Corp., Metrobank, PNB, PSE, Meralco, Emperador, D&L Industries, SMC Food and Beverage, Ginebra, Monde Nissin, Shakey’s Pizza, Vitarich, Cebu Air, MacroAsia, Belle Corp., Digiplus, Phil. Seven, Wilcon Depot, Apex Mining, and Puregold.

Among the gainers were Greenergy, Basic Petroleum, Axelum, Philodrill, Oriental Petroleum A, ACEN Corp., Aboitiz Power, Basic Energy, Manila Water, Cemex Holdings, Figaro Coffee, Keepers Holdings, Aboitiz Equity, Alliance Global, DMCI Holdings, LT Group, DITO CME, PLDT, Citicore REIT, MRC Allied, Robinsons Retail, Atlas Mining, SSI Group, Philex Mining, RL Commercial REIT, and Bloomberry Resorts.