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Writer's pictureBy The Financial District

PSE Index Stumbles Below Support Level Again

The Philippine Stock Exchange (PSE) index fell below its support level for the second time in less than a week, signaling a loss of support for the market.


Photo Insert: The Philippine Stock Exchange (PSE) Index, October 26, 2023



All sub-indices posted losses on a day when foreign investors continued to be net sellers, as both domestic and global economic indicators pointed to a bleak outlook in the near term.


The index closed at 6,018.49 points, down by 36.01 points, or 0.59 percent. The first support level the index breached was at 6,500, and today it was at 6,050 points, with the Bangko Sentral signaling an off-cycle rate increase and expectations of rising oil prices.



Most of the blue-chip stocks opened higher but quickly turned downward, with 115 losers compared to 47 gainers and 51 shares remaining unchanged.


The value turnover amounted to P3 billion, half the average daily trade, with foreign buying at P1.37 billion and foreign selling at P1.69 billion, resulting in a net selling of P319 million.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The financials sector lost 0.83 percent, holding firms by 0.30 percent, services by 0.91 percent, industrials by 0.66 percent, property by 0.62 percent, and mining and oil by 0.67 percent.


Market bellwether SM Investments reached a high of P817 but closed at P814, a loss of P13.50. Ayala Corp dropped by 50 centavos to P604, Aboitiz Equity by 10 centavos to P47.30, Alliance Global by 52 centavos to P10.88, LT Group by 2 centavos to P8.78, GT Capital by P4.50 to P550.


Business: Business men in suite and tie in a work meeting in the office located in the financial district.

BDO Unibank, the most active stock with P324 million in trades, remained unchanged at P129, while Bank of PI, the third most active with P232 million, fell by one peso to P99. ICTSI closed unchanged at P201.


Among the losers were Ayala Land, down by 20 centavos to P27.180, Meralco, down by P10 to P360, Metrobank, down by P1.70 to P52, SM Prime, down by 10 centavos to P30.10, Converge, down by 55 centavos to P8.20, PLDT, down by P4 to P1,231, and Puregold, down by a peso to P26.80.


Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

Also down were Bloomberry, which fell by 53 centavos to P9.30, Security Bank, down by 90 centavos to P75.20, PNB down by 2 centavos to P18.64, Aboitiz Power down by P1.25 to P34.75, Semirara Mining down by 25 centavos to P30.15, Nickel Asia down by 6 centavos to P5.41, and Globe Telecom down by a peso to P1,779.


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

The gainers included San Miguel, up by 20 centavos to P105, Monde Nissin up by 13 centavos to P8.28, Dito CME up by 6 centavos to P3.03, Jollibee Foods up by 60 centavos to P214.60, Century Food up by 60 centavos to P28, Benguet B up by 25 centavos to P5.056, and JG Summit up by 40 centavos to P37. Emperador remained unchanged at P20.75.







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