PSE Index Slumps

The Philippine Stock Exchange (PSE) index slumped today due to a lack of positive news, with all sub-indices registering declines despite ongoing foreign buying.

The Philippine Stock Exchange (PSE) Index, January 16, 2024

The index closed at 6,637.00 points, down by 43.45 points or 0.65 percent.

Major property players SM Prime and Ayala Land were the most actively traded stocks. SM Prime decreased by 70 centavos to p33.30, amounting to trades of P467 million. Ayala Land remained unchanged at P33.75, with trades totaling P505 million.

The various sectors experienced declines: Property lost 0.63 percent, Financials were down by 0.23 percent, Industrial decreased by 0.94 percent, Holding Firms declined by 0.65 percent, Services were down by 0.50 percent, and Mining and Oil decreased by 1.45 percent.

Total trades reached P5.9 billion, with losers outnumbering gainers 114 to 67, and 58 shares remaining unchanged.

Foreign buying reached P3.63 billion, while foreign selling amounted to P3.17 billion, resulting in a net foreign buying of P461 million. Analysts noted that the resistance level at 6,700 remained elusive, though some investors anticipate the index surpassing 7,000 points this year.

Globe Telecom led the gainers, fueled by speculation surrounding its projected GCash IPO.

Other gainers included San Miguel and its listed subsidiary SMC Food and Beverage, Megawide, BDO Unibank, Universal Robina, Security Bank, PLDT, Semirara Mining, Cebu Air, PAL Holdings, Double Dragon, ABS-CBN, and DigiPlus Interactive.

On the losing side were PNB, Metrobank, ACEN Corp, SM Investments, Jollibee Foods, Axelum, Century Food, DMC Holdings, GT Capital, Aboitiz Power, Aboitiz Equity, Meralco, and Monde Nissin.

Unchanged stocks included Bank of PI, First Gen, Emperador, and Alliance Global.

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