PSEi drops 1.03%, closes at lowest since June due to profit-taking

On Thursday, the Philippine Stock Exchange index (PSEi) fell by 1.03 percent to 6,265.52, its lowest closing value since June 2024, driven initially by positive sentiment but ending in profit-taking due to investor caution.

Despite starting positively influenced by Wall Street and a ceasefire deal between Israel and Hamas, the market declined as investors sold off near the end of trading, leading to net foreign selling amounting to PHP1.1 billion.

All sectors except Mining and Oil closed negatively, with Financials experiencing the largest drop at 1.69 percent due to declines in major banks such as BDO Unibank Inc., Metropolitan Bank and Trust Co., and Bank of the Philippine Islands.

The benchmark PSEi lost 64.94 points while the broader All Shares Index shed 3.02 points, with a total trade volume of PHP6.19 billion and foreign outflows reaching P1.1 billion.

Japhet Tantiangco from Philstocks Financial Inc. noted that although the market traded mostly in green territory due to positive news, caution toward the end led to profit-taking.

Synergy Grid and Development Phils. Inc., amid talks of a potential buy-in by Maharlika Investment Corp., was the top-traded stock (up 8.87 percent), while other actively traded stocks included SM Investments Corp., PLDT Inc., Metrobank, Ayala Corp., and BPI.