Market haunted by sell-off as PH stocks drop ahead of All Saints’ Day weekend

October 31, 2024
3:51PM PHT
Wendy B. Estacio-Cruz
Unicapital Securities, research head 

Just tricks, no treats for investors on Thursday, as Philippine stocks plunged over 100 points ahead of the extended All Saints’ Day weekend.

The Philippine benchmark index (PSEi) fell 1.89 percent, or 137.28 points, to 7,142.96 amid heavy selling at International Container Terminal Services, BDO Unibank Inc., and Ayala Land Inc.

The broader All Shares index slumped close to 1 percent, or about 40 points, to 3,957.21, data from the stock exchange showed.

Focus on US elections, inflation

“The PSEi pulled back on Thursday as investors remained cautious due to uncertainties surrounding the upcoming US elections on Nov. 5,” Wendy B. Estacio-Cruz, research head of Unicapital Securities, said in a text message on Thursday.

Foreign selling

Stock exchange data showed nearly 800 million shares worth P5.42 billion changing hands.

Moreover, net foreign selling reached P1.31 billion.

“This week, we expect the index to fluctuate between the 7,100 and 7,300 levels in anticipation of fresh catalysts, including the release of Philippine October inflation data, also on Nov. 5, and the FOMC meeting on Nov. 7,” Cruz said.

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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