Foreign Buying Puts PSE Index On Brink Of Resistance Level

The Philippine Stock Exchange (PSE) index today moved closer to its resistance level with a significant gain, despite losses in two sub-indices. The index closed at 7,467.92 points, up by 79 points or 1.07%.

The Philippine Stock Exchange (PSE) Index, October 4, 2024

With the index just 33 points away from breaking through the 7,500-point resistance, analysts expect the market to finally close beyond this level, driven by continued bullish sentiment.

This optimism is supported by more than three weeks of net foreign buying.

Net foreign buying reached PHP 607 million, with foreign buying at PHP 3.49 billion against foreign selling of PHP 3.49 billion, indicating a positive business sentiment among investors.

Banks are expected to report improved profits, thanks to the Bangko Sentral's decision to further reduce interest rates and lower reserve requirements for the banking system.

The financials sector rose by 1.50%, industrials gained 1.94%, holding firms increased by 1.17%, while property and mining and oil declined by 1.02% and 0.73%, respectively.

Total value turnover amounted to PHP 6.14 billion, with 107 gainers, 87 losers, and 52 unchanged shares. BDO Unibank was the most traded stock, with PHP 920 million in trades, rising by PHP 1.10 to PHP 158.

Ayala Land followed with PHP 577 million, declining by 60 centavos to PHP 37. Ayala Corporation was the third most traded, with PHP 490 million in trades, gaining PHP 18.50 to close at PHP 715.

Among the gainers were ICTSI, Bank of the Philippine Islands, market bellwether SM Investments, PSE, Meralco, ACEN Corp, First Gen, Semirara Mining, Synergy Grid, AgriNurture, and Petron.

Century Pacific Food, D&L Industries, Figaro Coffee, PAL, PLDT, Megaworld, Robinsons Land, Belle Corp, Apex Mining, Atlas Mining, OceanaGold, Oriental Petroleum, Philodrill, Monde Nissin, JG Summit, Universal Robina, Filinvest Land, and Cosco Capital also closed the day in the green.

Among the losers were PNB, Security Bank, Metrobank, Jollibee Foods, CEMEX Holdings, Converge, Cebu Air, Bloomberry, Puregold, DigiPlus, PhilWeb, Nickel Asia, Philex Mining, Globe Telecom, and Aboitiz Power.

Unchanged stocks included Alternergy, Citicore RE, Manila Water, Fruitas, Shakey’s Pizza, Roxas and Co., Megawide, AbaCore, Aboitiz Equity, San Miguel, LT Group, and SSI Group.