PSEi down further as investors protect previous gains
FILE PHOTO: Investors continue to sell off their positions to bag some profits, pushing the Philippine Stock Exchange Index (PSEi) further into the red territory on October 9, 2024. The benchmark PSEi fell by 1.50 percent, or 112.73 points, to close at 7,424.52 while the broader All-Shares index slipped by 1.08 percent, or 44.05 points, to settle at 4,033.36. INQUIRER FILES
Investors continued to sell off their positions to bag some profits, pushing the Philippine Stock Exchange Index (PSEi) further into the red territory.
The benchmark PSEi fell by 1.50 percent, or 112.73 points, to close at 7,424.52 while the broader All-Shares index slipped by 1.08 percent, or 44.05 points, to settle at 4,033.36.
“The local market extended its decline this Wednesday … as investors continued with their profit taking,” Philstocks Financial Inc. senior analyst Japhet Tantiangco said.
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He also said the “local currency’s weakening against the US dollar also contributed to the market’s drop.” The peso weakened to P57.02 against the greenback on Wednesday from its previous closing of P56.905.
Article continues after this advertisementAll sub-sectors ended in the red. Holding firms index registered the steepest decline at 1.77 percent.
Over 917 million shares valued at P5.3 billion were traded. Losers outpaced winners, 122 to 72, while 64 issues were unchanged.
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The most actively traded shares were that of BDO Unibank Inc., dropping by 2.35 percent to P157.80 each.
It was followed by International Terminal Services Inc., down 1.87 percent to P429.80; Ayala Land Inc., flat at P36.40; Bank of the Philippine Islands, down 2.10 percent to P140; JG Summit Holdings, down 2.76 percent to P26.40; and SM Prime Holdings, down 1.54 percent to P31.90.
Other active names were Ayala Corp., down 0.75 percent to P731.50; Jollibee Foods Corp., up 0.66 percent to P274.80; SM Investments Corp., down 2.30 percent to P975; and Security Bank Corp., down 4.51 percent to P91.
