PSEi falls to 6,236 as Meralco stumbles on system loss fight
Plus: Industrial index drops 4%, foreign investors stay net buyers despite the weakness, and six sector indices chart divergent paths.
TL;DR
- PSEi closed at 6,236.44, down 44.57 points (0.71%), as the industrial sector led losses with a 4% decline.
- Manila Electric slid ₱20 to ₱480, the week's biggest loser, after President Marcos called in his SONA for scrapping electricity system loss charges.
- Foreign investors remained net buyers at ₱178.1 million despite the session's weakness, accounting for 48% of ₱6.34 billion in daily turnover.
- Sector divergence: Financials and Property posted modest gains while Mining and Oil rallied, but industrial stocks bore the session's heaviest losses.
PSEi close
Index falls to 6,236 on industrial weakness
The Philippine Stock Exchange index closed at 6,236.44 on Sunday, down 44.57 points or 0.71 percent, after a week of sharp reversals. The broader All Shares index fell 27.43 points to 3,395.05. Foreign investors logged net purchases of ₱178.1 million despite weakness, with average daily value at ₱6.34 billion. Gainers outnumbered losers 106 to 95, with 42 unchanged. (via BusinessMirror)
Index movers
Meralco sinks on electricity bill proposal
Manila Electric fell ₱20 to ₱480, the week's biggest loser, after President Marcos called in his July 27 SONA to scrap system loss charges from electricity bills. Meralco chairman Manny Pangilinan warned the power industry "may not survive" if utilities alone absorb the costs. (via BusinessMirror) (via Philstar)
Sector indices
Industrial index leads decline as utilities and factories stumble
The Industrial index tumbled 4% to 8,049.43, dragged by Meralco and peso weakness. Financials gained 0.98 to 1,908.54, Property rose 21.45 to 1,935.03. Mining and Oil rebounded 1,036.12 points to 16,864 on elevated commodity prices, while Services and Holding Firms remained subdued amid geopolitical tensions. (via BusinessMirror)
Foreign flows and turnover
Foreign investors remain net buyers despite session losses
Foreign investors logged net purchases of ₱178.1 million despite Sunday's decline, accounting for 48% of trades at ₱6.34 billion turnover. The buying signaled selective bargain hunting as geopolitical oil shocks and peso weakness clouded broader sentiment, underpinning resilience amid industrial sector weakness. (via BusinessMirror)
