PSE Index Still Faltering

The Philippine Stock Exchange (PSE) index today went down further, closing 42.87 points or 0.64 percent lower at 6,606.36 points.

The Philippine Stock Exchange (PSE) Index, July 30, 2024

This drop came as financials, holding firms, property, and mining oil sectors declined due to selling by foreign investors.

BDO Unibank, the most active stock, decreased by P4 to P136.50 on trades amounting to P687 million, which included foreign selling of P255 million.

Security Bank had foreign selling of P4.185 million out of its total trades of P8.3 million, while Bank of the Philippine Islands had net foreign selling of P61.9 million out of its total trades of P257 million.

Total foreign buying amounted to P1.923 billion, while foreign selling hit P2.535 billion, resulting in net foreign selling of P607 million.

Only the services and industrials sectors posted gains, increasing by 0.55 percent and 0.05 percent, respectively.

The market has been hard hit since the pronouncement of the ban on POGOs, which caused property firms to decline.

The index at one point fell to a milestone level of 6,569.86 points before recovering due to bargain hunting. Value turnover amounted to P4.6 billion with 74 gainers, 118 losers, and 43 shares unchanged.

Market bellwether SM Investments went down by P10 to P907. Other losers included Ayala Land, SM Prime, Metrobank, GT Capital, China Bank, PNB, Union Bank, Aboitiz Power, Converge, Manila Water, SPNEC, Synergy Grid, ABS-CBN, and GMA-7.

Aboitiz Equity, JG Summit, Cosco Capital, DoubleDragon, Steniel, Megawide, Monde Nissin, GT Capital, JG Summit, AREIT, Cosco Capital, PAL, Puregold, Philseven, OceanaGold, PhilWeb, Jollibee Foods, and Figaro Coffee also fell.

Among the gainers were ICTSI, Ayala Corp, PLDT, Philodrill, Alternergy, Century Food, First Gen, Robinsons Land, Cebu Air, Wilcon Depot, DMC Holdings, LT Group, Shakey's Pizza, Universal Robina, Fruitas Holdings, Belle Corp, Bloomberry, DigiPlus, and San Miguel.

Those unchanged included Emperador, SMC Food and Beverage, RL Commercial, Atlas Mining, and Nickel Asia.