PSE Index Struggles To Gain Footing Amid Net Foreign Selling

The Philippine Stock Exchange (PSE) index ended slightly lower today, closing at 7,136.10 points—down by just 6.86 points or 0.10%—as foreign investors remained net sellers.

The Philippine Stock Exchange (PSE) Index, November 4, 2024

Most sub-indices declined except for holding firms and services, with mining and oil experiencing the largest drop at 1.93%.

Financials lost 0.89%, industrials dipped by 0.23%, and property fell by 1.35%. SM Investments led the increase in holding firms with a 1.00% rise, while ICTSI boosted services by 0.68%.

The index hit a low of 7,106.68 points but regained some ground at the close after opening higher at 7,150.56 points.

Value turnover was modest at PHP4.65 billion, with 76 gainers, 107 losers, and 58 shares unchanged. Foreign investors were net sellers, totaling PHP777 million in outflows. The figures come amid uncertainty over the U.S. election results.

The tight race between former President Donald Trump and Vice President Kamala Harris, who have differing agendas on taxes, immigration, and other policies, has stirred market uncertainty.

Among the gainers were Ayala Land, DigiPlus, PhilSeven, Axelum, Dito CME, EastWest, PNB, Union Bank, Synergy Grid, Monde Nissin, Keeper Holdings, Universal Robina, Megawide, AbaCore, Aboitiz Equity, Cosco Capital, JG Summit, Philodrill, D&L Industries, Citicore REIT, PhilWeb, and First Gen.

Top-traded stocks in the red included BDO Unibank, SM Prime, Bank of the Philippine Islands, Metrobank, Converge, Steniel, Semirara Mining, Shell Pilipinas, ACEN Corp., Meralco, SPNEC, Jollibee Foods, Ginebra, Vitarich, DoubleDragon, Megaworld, PLDT, GMA-7, Puregold, Nickel Asia, OceanaGold, and Apex Mining.

Unchanged stocks included Ayala Corp., Alternergy, Aboitiz Power, Basic Energy, Globe Telecom, Atlas Mining, GT Capital, Century Pacific Food, Manila Water, Bloomberry, and Belle Corp.