Benchmark PSEi tumbles by 2.1% as shares retreat

Benchmark PSEi tumbles by 2.1% as shares retreat after bullish breakout

/ 07:41 AM October 01, 2024

Shares retreat after bullish breakout

FILE PHOTO: A trader walks in front of the logo of the Philippine Stock Exchange. – The benchmark Philippine Stock Exchange Index (PSEi) tumbled by 2.1 percent, or 155.65 points, to 7, 272.65 by the closing bell on Monday, September 30, 2024. Jay Directo / Agence France-Presse

The local bourse pulled back from the heights on Monday, Sept. 30, after days of being overbought, mostly due to last-minute dumping of index heavyweights.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) tumbled by 2.1 percent, or 155.65 points, to 7, 272.65.

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Likewise, the broader All Shares Index shed 1.3 percent, or 51.75 points, to close at 3, 918.68.

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A total of 1.08 billion shares worth P7.21 billion changed hands as foreigners made net purchases worth P103.40 million, stock exchange data showed.

“We have been expecting a correction for quite some time now, and this is a much-needed pullback from overbought levels,” said Alfred Benjamin Garcia, research head at AP Securities Inc.

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READ: Still more room for PSEi to climb

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The PSEi recently entered the bull territory—meaning it rose by at least 20 percent from a recent low—with analysts warning of a possible short-term sell-off to correct higher-than-usual prices.

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The conglomerates registered the steepest decline at 2.84 percent as Sy family-led SM Investments Corp. (SMIC) went down.

International Container Terminal Services Inc. was the most actively traded stock as it dipped by 1.46 percent to P404 each.

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READ: PSEi down as investors pocket previous days’ gains

It was followed by BDO Unibank Inc., down 2.11 percent to P158; SM Prime Holdings Inc., down 3.15 percent to P32.30; Bank of the Philippine Islands, down 1.39 percent to P135.10; and SMIC, down 4.02 percent to P956.

Universal Robina Corp. was down 0.77 percent to P103.70; Ayala Land Inc., down 1.61 percent to P36.60; Ayala Corp., down 2.96 percent to P671.50; GT Capital Holdings Inc., flat at P730; and Metropolitan Bank and Trust Co., down 3.02 percent to P78.60 each.

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Losers outnumbered gainers, 115 to 93, while 45 companies closed unchanged.— Meg J. Adonis INQ

TAGS: Philippine Stock Exchange index (PSEi), shares

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