PHILIPPINE EQUITIES plunged to the 6,200 threshold once more on Thursday although they traded higher for the majority of the session as investors realized profits at the final moment.
The Philippine Stock Exchange index (PSEi) decreased by 1.02% or 64.94 points to conclude at 6,265.52, whereas the all shares index dropped by 0.08% or 3.02 points to 3,675.78.
This marked the PSEi’s lowest closure in nearly seven months, having last settled at 6,158.48 on June 21, 2024.
The index commenced Thursday’s trading higher than Wednesday’s finish at 6,370.58. It reached an intraday peak of 6,419.26 but succumbed to a late selloff, closing at the session’s lowest point.
“The market spent most of the day in positive territory, bolstered by favorable spillovers from Wall Street and the ceasefire agreement between Israel and Hamas. However, investors grew cautious as the session neared its close, prompting last-minute profit-taking that pulled the market down,” stated Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco in a Viber message.
“Philippine equities underwent a full reversal, finishing at the 6,200 level despite earlier trading in the green and reaching 6,400 during the session,” remarked Regina Capital Development Corp. Head of Sales Luis A. Limlingan in a Viber message.
US markets rallied on Wednesday, with all three key indices marking their largest daily percentage increases in over two months, spurred by lower-than-expected December core inflation figures and strong earnings from major US banks, according to Reuters.
The Labor Department reported that the consumer price index saw its largest rise in nine months due to increased energy prices, although a gauge of underlying inflation pressures eased.
The Dow Jones Industrial Average surged 703.27 points or 1.65% to 43,221.55; the S&P 500 rose 107.00 points or 1.83% to 5,949.91; and the Nasdaq Composite climbed 466.84 points or 2.45% to 19,511.23.
Nearly all sectoral indices closed in the red on Thursday. Financials tumbled by 1.69% or 36.43 points to 2,113.85; property fell by 1.10% or 26.04 points to 2,331.66; holding firms decreased by 0.65% or 34.5 points to 5,270.83; industrials declined by 0.35% or 31.87 points to 8,916.97; while services dipped by 0.08% or 1.74 points to 2,089.12.
Conversely, mining and oil advanced by 1.28% or 99.78 points to 7,886.01.
“ACEN Corp. led the day’s index performance, rising 4.26% to P3.67. Meanwhile, BDO Unibank, Inc. was at the bottom, dropping 4.03% to P138.00,” Mr. Tantiangco noted.
Value turnover increased to P6.19 billion on Thursday with 966.92 million shares traded, up from P5.44 billion with 592.49 million issues exchanged on Wednesday.
Advancers outperformed decliners, 104 to 96, while 40 issues remained unchanged.
Net foreign selling rose to P1.10 billion on Thursday, compared to P540.58 million on Wednesday. — Revin Mikhael D. Ochave with Reuters