Profit-Taking Stymies PSE Index

The Philippine Stock Exchange (PSE) index today went down on profit-taking, with the sub-indices posting mixed results.

The Philippine Stock Exchange (PSE) Index, September 27, 2024

Foreign investors remained upbeat, but the index closed at 7,428.30 points, a loss of 30.84 points or 0.41 percent.

Holding companies gained 0.02 percent, services increased by 0.24 percent, mining and oil rose by 0.55 percent, and property advanced by 0.02 percent. However, financials declined significantly by 1.90 percent, and industrials dropped slightly by 0.03 percent.

The index traded within a tight 36-point range, with a low still at its milestone level of 7,402.35 points as investors pocketed their gains.

Despite this, market chartists remain optimistic about the index's trajectory and expect the 7,500-point resistance level to be breached soon. There were 113 gainers, 94 losers, and 45 unchanged shares, with a value turnover amounting to P6.96 billion.

Market bellwether SM Investments added P1 to its share price to close at P996, with trades totaling P698 million, making it the second most active stock after ICTSI, which remained unchanged at P410, with total transactions of P750 million.

BDO Unibank was the third most active, with trades of P651 million, as it lost P5.70 to close at P161.40.

Citystate Savings provided the day's spark, closing at P10.74, up by 19.33 percent, after dipping to a low of P8.09.

The bank stock had surged to a high of P15.40 following its September 3 announcement of a buy-in from a Hong Kong-listed firm, CSC Holdings, which saw its stock price hit the ceiling for two consecutive days.

There was net foreign buying of P175 million, with P3.871 billion in purchases against P3.695 billion in sales.

Aside from ICTSI, other unchanged stocks included Manila Water, D&L Industries, Figaro Coffee, Fruitas Holdings, Monde Nissin, Shakey's Pizza, Haus Talk, Filinvest Land, Shang Properties, and Basic Energy.

Among the gainers were SM Prime, Universal Robina, GT Capital, MRC Allied, ACEN Corp., PNB, Alternergy, Petron, Roxas and Co., Axelum, Apex Mining, Atlas Mining, OceanaGold, Philex Mining, DoubleDragon, Globe Telecom, Cosco Capital, CEMEX Holdings, SPNEC, Synergy Grid, Philweb, PhilSeven, Puregold, Aboitiz Power, Cebu Air, MacroAsia, Alliance Global, Wilcon Depot, ABS-CBN, GMA-7, JG Summit, Aboitiz Equity, Bloomberry, and Philodrill.

Losers included Bank of PI, Metrobank, Ayala Land, Ayala Corp., AREIT, China Bank, EastWest, Citicore REIT, First Gen, Century Pacific Food, Jollibee Foods, PLDT, Dito CME, Belle Corp., Nickel Asia, Boulevard Holdings, PAL, Robinsons Land, Shell Pilipinas, SSI Group, Oriental Petroleum, Vitarich, DMCI Holdings, Semirara Mining, Meralco, Alliance Global, and DigiPlus.