PSE Index Breaches -- Then Surpasses Resistance Level

The Philippine Stock Exchange (PSE) Index today breached its resistance level and even surpassed it, triggering profit-taking to close at 7,554.68 points, up by 86.76 points or 1.16 percent.

The Philippine Stock Exchange (PSE) Index, October 7, 2024

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Bullish sentiments after the opening saw the index reach a milestone high at 7,604.61 points, which led to profit-taking as blue chips hit new highs before the close. Market bellwether SM Investments rose to a new high of PHP1,007 before closing at PHP1,000, up by PHP5.

Holding firms rose by 1.21 percent, services gained 1.90 percent, industrials advanced by 1.22 percent, and property increased by 2.05 percent, while mining and oil and financials declined by 0.39 percent and 0.46 percent, respectively.

Foreign investors continued to be net buyers, indicating bullish sentiment in the market. Foreign buying amounted to PHP3.93 billion, while foreign selling reached PHP 2.586 billion, resulting in a net foreign buying of PHP1.351 billion.

Total value turnover was PHP 7.8 billion, with foreign trades accounting for PHP6.525 billion. There were 129 gainers, 79 losers, and 49 shares unchanged.

Ayala Corp was the most actively traded, with PHP852 million in turnover, as it gained PHP25 to reach PHP740. ICTSI was the second-highest traded, with PHP518 million, as it closed PHP 9 higher at PHP429, having hit a high of PHP446 earlier.

Among the gainers were BDO Unibank, Ayala Land, Jollibee Foods, Globe Telecom, Puregold, Aboitiz Power, Union Bank, Meralco, Manila Water, Petron, Semirara Mining, Cebu Air, Belle Corp, Bloomberry, Converge, Robinsons Land, SPNEC, Monde, and San Miguel.

Among the losers were Metrobank, Bank of the Philippine Islands, China Bank, Security Bank, Emperador, Figaro Coffee, GT Capital, Filinvest Land, PAL Holdings, PLDT, and Nickel Asia. Meanwhile, unchanged stocks included ACEN Corp, AgriNurture, D&L Industries, Citicore REIT, Haus Talk, and Vitarich.