Profit-Taking Stymies Milestone Level, But PSE Index Still Closes Up

The Philippine Stock Exchange (PSE) index experienced a surge Thursday, reaching a new milestone level, but encountered profit-taking that resulted in blue chips declining slightly.

The Philippine Stock Exchange (PSE) Index, February 15, 2024

However, the index still managed to close higher at 6,882.15 points, up by 27.62 points or 0.40 percent.

During the trading session, shares initially rose, propelling the index to 6,918.15 points, but faltered before the close. Property giants Ayala Land and SM Prime saw modest declines of 20 centavos each, closing at P34.70 and P34, respectively.

Market bellwether SM Investments gained one peso, closing at P922, although it had risen by P5 before the profit-taking occurred.

Across sectors, financials rose by 0.62 percent, holding firms by 0.36 percent, services by 0.73 percent, industrial by 1.04 percent, and mining and oil by 0.33 percent. The value turnover amounted to P5.3 billion, with 92 gainers, 83 losers, and 65 shares unchanged.

Foreign buying reached P2.72 billion, while foreign selling reached P2.08 billion, resulting in net buying of P631 million.

BDO Unibank emerged as the most active stock, with trades amounting to P482 million, gaining P1.70 to reach P154.30, a new high. Other gainers included Meralco, Manila Water, First Gen, and several others.

However, Metrobank, AboitizPower, Shakey's, and others ended the day as losers. Stocks that remained unchanged included Ayala Corp., Cebu Air, and others.

Overall, while the index faced some profit-taking, the market displayed resilience, with several stocks posting gains and sectors showing mixed performance throughout the trading session.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem