PSE Index Trips As It Ends Day At Lowest Point

The Philippine Stock Exchange (PSE) index declined by 15.40 points or 0.22% Wednesday, closing at 6,958.01, marking its lowest point as investors opted to lock in gains.

The Philippine Stock Exchange (PSE) Index, August 28, 2024

Despite briefly surpassing the 7,000-point resistance level for the third time recently, the index retreated by the end of trading. The PSEi reached a high of 7,016.04 before dropping back down.

In Wednesday's session, the sub-indices had mixed performances: Financials rose by 0.38%, Industrials increased by 0.69%, and Mining and Oil gained 0.85%.

However, other sectors such as Holding Firms, Services, and Property saw declines of 0.53%, 0.73%, and 0.43%, respectively, with SM Investments leading the decliners. Total trades were relatively subdued at P5.34 million, with foreign trades accounting for P4.3 billion.

There was net foreign buying of P687 million, with foreign selling at P1.807 billion and foreign buying at P2.494 billion. The market had 99 gainers, 90 losers, and 54 unchanged shares.

Among the gainers were companies like Steniel, SPNEC, Security Bank, PNB, Acen Corp., Aboitiz Power, Shell Pilipinas, Synergy Grid, D&L Industries, Jollibee Foods, Emperador, SSI Group, Wilcon Depot, Shakey's Pizza, Axelum, Ginebra, Phil Seven, GT Capital, Megawide, Robinsons Land, Globe Telecom, Cosco Capital, DMC Holdings, Belle Corp, and Philex Mining.

On the losing side were companies such as Basic Energy, Citicore RE, First Gen, Meralco, Petron, AgriNurture, Century Food, Figaro Coffee, Ayala Corp., Alliance Global, Shang Properties, CEMEX Holdings, Converge, PLDT, OceanaGold, PAL, Cebu Air, and Bloomberry.

Meanwhile, shares of China Bank, Alternergy, Ferronickel, Figaro Coffee, Abacore, Manila Water, and Dito CME remained unchanged.