PSE Index Suffers Hefty Loss

The Philippine Stock Exchange (PSE) index posted a hefty loss Tuesday, with all sub-indices down as net foreign selling surged to over a billion pesos.

The Philippine Stock Exchange (PSE) Index, December 17, 2024

The index closed at 6,501.71 points, a decline of 113.45 points or 1.72 percent. Opening weak, the market experienced massive selling pressure, causing the index to collapse below two milestone levels.

However, bargain hunting allowed it to recover slightly by the close, ending the day just above its support level of 6,500 points.

The selloff saw all stocks in the Top 10 most active list close at lower prices, except for PLDT, which remained unchanged at P1,260. Market bellwether SM Investments fell by P10 to P890.

Value turnover reached P6.5 billion, while net foreign selling surged to P1.36 billion, with foreign buying amounting to P2.480 billion and foreign selling at P3.842 billion.

Losers outnumbered gainers by almost double, at 124 to 65, with 51 shares unchanged, including PLDT, Emperador, Citicore RT, ABS-CBN, Belle Corp, Bloomberry, and AgriNurture.

Among the losers were ICTSI, Ayala Land, Bank of the Philippine Islands, BDO Unibank, SM Prime, Monde Nissin, Universal Robina, SMC Food and Beverage, Security Bank, China Bank, ACEN Corp, Alternergy, Vitarich, GMA-7, Apex Mining, Atlas Mining, Globe Telecom, Ayala Corp, Megaworld, Aboitiz Equity, PAL, Robinsons Land, Dito CME, Petron, SPNEC, Semirara Mining, Meralco, and Manila Water.

On the other hand, gainers included DigiPlus, Cebu Air, Cemex Holdings, Puregold, JG Summit, Cosco Capital, Converge, DoubleDragon, PSE, COL Financial, Figaro Coffee, and Aboitiz Power.