PSE Index Starts The Week Sluggish As Bearish Sentiments Persist

The Philippine Stock Exchange (PSE) experienced a decline in the first trading day of the week, closing at 6,183.63 points, down by 28.26 points or 0.45 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 20, 2023

Bearish sentiments persisted, and the market faced sell-downs after reaching a high of 6,211.97 points. Four sub-indices posted losses, and foreign investors were net sellers.

The disclosure of a share-for-property swap by Ayala REIT provided a significant development for the market. The swap involved the issuance of 199 million AREIT shares, exchanged for a 276-hectare property of Buendia Christiana Holdings.

The transaction set AREIT shares at P34, but they closed at P30.05, reflecting a 6.09 percent loss of P1.95. AREIT was the second most actively traded stock after BDO Unibank.

Key sectors experienced losses, with financials down by 0.95 percent, industrials by 0.08 percent, mining and oil by 0.64 percent, and holding firms declining by 1.15 percent.

Services saw a modest rise of 0.42 percent, and property edged up by 0.07 percent.

Foreign trading activity showed net foreign selling of P105 million, with foreign buying at P1.799 billion and foreign selling at P1.905 billion.

Total trades amounted to P3.72 billion, with 66 gainers, 119 losers, and 42 shares unchanged.

Gainers included Ayala Land, SM Prime, Aboitiz Equity, Philex Mining, JG Summit, Bloomberry, Globe Telecom, PLDT, and San Miguel.

Losers featured Metrobank, Monde Nissin, Aboitiz Power, ACEN Corp, Semirara Mining, Apex Mining, Bank of PI, Security Bank, Converge, Dito CME, Megaworld, and Robinsons Land.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem