PSE Index Still In Downward Spiral

The Philippine Stock Exchange (PSE) index continued its decline in a substantial sell-off, marking the second consecutive day of losses to close at 6,510.87 points, reflecting a loss of 61.64 points or 0.94 percent.

The Philippine Stock Exchange (PSE) Index, January 18, 2024

In a market where losers outnumbered gainers 112 to 66, with 51 shares remaining unchanged, the sell-off impacted various sectors.

Financials experienced a 0.79 percent loss, holding firms were down by 0.65 percent, industrial by 0.60 percent, services by 0.70 percent, mining and oil by 1.69 percent, and property by 1.65 percent.

The prominent market bellwether, SM Investments, saw a decline of P2 to P873, while Universal Robina incurred a loss of 2.91 percent, falling to P113.50 or down by P3.40. Top-traded BDO Unibank witnessed a 2.44 percent decrease, settling at P135.80.

Other notable losers included Ayala Land, Jollibee Foods, ICTSI, Ayala Corp, SM Prime, Metrobank, Security Bank, Semirara Mining, Century Food, San Miguel, PLDT, Globe Telecom, Converge, DITO CME, and Manila Water.

The total value traded amounted to P5.2 billion, with foreign buying reaching P3.098 billion and foreign selling at P3.07 billion, resulting in a net foreign buying of P24.4 million, the smallest in six months.

Among the few gainers in this scenario were Bloomberry, Ayala REIT, Megaworld, DoubleDragon, Aboitiz Equity, ACEN Corp, Aboitiz Power, Meralco, Monde Nissin, and Shakey's Pizza.

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