The Philippine Stock Exchange (PSE) index dropped below its milestone level today, with only the property sub-index posting gains in another subdued trade.
Photo Insert: The Philippine Stock Exchange (PSE) Index, October 4, 2023
Foreign investors were once again net sellers, as the inflation outlook remained above government estimates, and jeepney fares are set to increase next week, which could further challenge the economy, despite the Bangko Sentral's pronouncement of a pause in interest rates.
The property sub-index rose by 0.81 percent, driven by a 2.82 percent increase in SM Prime, which gained 85 centavos to reach P30.95, and Megaworld, which rose by one centavo to P2.03.
These gains offset the declines in Ayala Land, which dropped by 50 centavos to P28.70, and Robinsons Land, which fell by 8 centavos to P15.08.
Holding firms lost 0.23 percent, with market bellwether SM Investments being the most active with P495 million in trades, declining by 50 centavos to P826.50. Other holding firms that lost ground included Ayala Corp, down by P6 to P617, and Aboitiz Equity, down by 25 centavos to P49.75.
However, JG Summit and GT Capital both gained 5 centavos to reach P38.10 and P3, respectively, and P590.
Services lost 0.12 percent, industrials fell by 0.42 percent, financials declined by 0.27 percent, and mining and oil lost 2.73 percent. Nickel Asia, which entered the PSE basket, dropped by 29 centavos due to profit-taking after surging since last week, closing at P6.19.
There was also a block sale involving 40 million shares priced at P6.3996 for a total of 255 million. Semirara Mining declined by P1.20 to P34.45, also due to profit-taking. Value turnover amounted to just P4.68 billion, with 72 gainers, 111 losers, and 33 shares remaining unchanged.
Foreign buying amounted to P2.22 billion, while foreign selling reached P2.89 billion, resulting in net foreign selling of P669 million.
Among the gainers were Bank of PI, up by one peso to P280 million, Megawide, up by 5 centavos to P3.25, Globe Telecom, up by P13 to P1,820, PLDT, up by P20 to P1,195, Aboitiz Power, up by 10 centavos to P35, Bloomberry, up by 8 centavos to P10.08, and Century Food, up by 5 centavos to P29.50.
The losers included Jollibee Foods, down by P3.80 to P223.20, Union Bank, down by P1.90 to P63.05, Converge, down by 19 centavos to P9.39, Metrobank, down by 85 centavos to P53.50, PNB, down by 6 centavos to P18.34, and ICTSI, down by P1.80 to P206.50. Universal Robina remained unchanged at P120 and was the second most active with trades of P429 million.
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