PSE Index Slides A Tad Bit On Profit-Taking

The Philippine Stock Exchange (PSE) index declined slightly Tuesday on profit-taking in a roller-coaster trading session that saw it dip below a milestone level before closing above its resistance level at 7,537.25 points, down by 17.43 points or 0.23 percent.

The Philippine Stock Exchange (PSE) Index, October 8, 2024

Market bellwether SM Investments traded higher after the opening, rising to a high of P1,005 but lost momentum on profit-taking, dropping to a low of P977 before closing at P998, down by P2.

Financials were down by 0.31 percent during the mid-session but recovered by the close, finishing with a 0.72 percent gain.

Services closed with a 0.86 percent gain, while the rest of the sectors declined. Industrials fell by 0.19 percent, holding firms dropped by 0.17 percent, mining and oil decreased by 0.72 percent, and the property sector lost a substantial 2.46 percent.

Foreign investors remained net buyers, supporting the bullish sentiment. Foreign buying amounted to P4.307 billion compared to P3.879 billion in selling, resulting in a net foreign buying of P428 million.

The total value turnover reached P7.39 billion, with 109 gainers, 97 losers, and 54 shares unchanged.

PNB and LT Group posted losses as investors were surprised by PNB’s decision to require stockholders entitled to property dividends to pay real estate taxes. Brokers expressed surprise, as the dividend declaration had been awaited for over three years.

Among the gainers were BDO Unibank, ICTSI, Bank of PI, Metrobank, China Bank, DigiPlus, Meralco, Shell Pilipinas, Figaro Coffee, Vitarich, AbaCore, San Miguel, Cosco Capital, ABS-CBN, Bloomberry, Cebu Air, Oriental Petroleum, Aboitiz Power, Citicore RE, Citicore RT, GT Capital, Aboitiz Equity, D&L Industries, Petron, OceanaGold, and First Gen.

The losers included SM Prime, Ayala Land, Ayala Corp, Security Bank, DMC Holdings, PLDT, JG Summit, Converge, Dito CME, DoubleDragon, Wilcon Depot, Puregold, Jollibee Foods, and Monde Nissin.

Meanwhile, shares that remained unchanged were Cemex Holdings, Globe Telecom, Filinvest Land, Megaworld, Fruitas, Alliance Global, PAL, Belle Corp, and Haus Talk.