rich 888 PSEi dives to 7-month low

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The local bourse retreated to the 6,200 level on Thursday as investors pocketed gains at the last minute, erasing the previous day’s gains.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) lost 1.03 percent or 64.94 points to 6,265.52, its lowest closing value since June 2024.

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Likewise, the broader All Shares Index shed 0.08 percent or 3.02 points to close at 3,675.78.

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A total of 966.92 million shares worth P6.19 billion changed hands, stock exchange data showed. Foreigners remained net sellers, with foreign outflows reaching P1.1 billion.

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Japhet Tantiangco, research head at Philstocks Financial Inc., said the bourse traded mostly in the green territory during the day due to news of the ceasefire deal in the Middle East and cooling inflation in the United States.

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“However, investors turned cautious toward the end of the session, leading to a last-minute profit taking, which brought the bourse down,” Tantiangco added.

The High Court in London will examine over several months whether BHP was partly liable for the 2015 collapse of a dam at a mining waste site in Brazil.

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Banks saw the steepest loss due to declines at BDO Unibank Inc. (down 4.03 percent to P138), Metropolitan Bank and Trust Co. (down 0.92 percent to P70), and Bank of the Philippine Islands (down 0.84 percent to P118).

Synergy Grid and Development Phils. Inc., which owns 60 percent of grid operator National Grid Corp. of the Philippines, was the top-traded stock (up 8.87 percent to P13.50) amid talks that Maharlika Investment Corp. would buy into the listed firm.

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It was followed by BDO; International Container Terminal Services Inc., down 0.25 percent to P394; SM Prime Holdings Inc., down 1.83 percent to P24.15; and Ayala Land Inc., down 1.72 percent to P25.75 each.

Other actively traded stocks were SM Investments Corp., down 1.62 percent to P821; PLDT Inc., up 0.38 percent to P1,315; Metrobank; Ayala Corp., down 0.88 percent to P565; and BPI.

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Gainers outnumbered losersrich 888, 104 to 96, while 40 companies closed unchanged, stock exchange data also showed.

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