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Business

PSEi down on final trading day of 2024

Richmond Mercurio - The Philippine Star
PSEi down on final trading day of 2024
The Philippine Stock Exchange index (PSEi) slipped by 0.16 percent or 10.23 points on the last trading day of the year, settling at 6,528.79.
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MANILA, Philippines — The local stock market finished 2024 in the red territory, but better from last year’s close of 6,450.04.

The Philippine Stock Exchange index (PSEi) slipped by 0.16 percent or 10.23 points on the last trading day of the year, settling at 6,528.79.

In contrast, the broader All Shares index ended yesterday’s session up by 0.45 percent or 16.73 points to 3,748.51.

“The PSEi corrected slightly lower for the last trading day of 2024 after US stock markets corrected lower overnight from new one-week highs and still near record highs, though partly offset by some possible window-dressing activities shortly before the accounting year-end,” RCBC chief economist Michael Ricafort said.

Total value turnover was at P4.2 billion as foreign selling amounted to P1.87 billion.

Sectors were a mixed bag, with mining and oil leading the charge with a 3.98-percent surge.

Financials, meanwhile, took the biggest hit, dropping by 1.42 percent.

Market breadth stayed positive as advancers pummeled decliners, 138 to 82, while 44 issues were unchanged.

“The year’s last trading session saw the PSEi post a slight dip from the prior day’s close but just enough to end 2024 with a modest gain of 1.22 percent year-on-year,” China Bank Capital Corp. managing director Juan Paolo Colet said.

Colet said that it was a bittersweet culmination to a volatile year marked by steep rallies and corrections as hope turned into caution.

“Just like 2023, this year again turned out to be fairly good for investors who were able to trade in and out of the major market waves,” he said.

PHILIPPINE STOCK EXCHANGE INDEX

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