PSE Index Bucks Profit-Taking, Ends Day Up

The Philippine Stock Exchange (PSE) index surged early, and at market recess, it was pointing to a hefty gain, only to be met with a flurry of profit-taking that took the steam out of a big payday, ending the day with a smallish 11.91-point gain at 6,264.07 points, up by just 0.19 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 10, 2023

Holding firms and industrials were up at market recess, 0.19 percent and 0.29 percent, respectively, as the index hit 6,291.23 points, only to succumb to losses due to investors taking profits.

Market bellwether SM Investments hit a high of P844 only to decline due to profit-taking, going down as low as P821, closing at P821 for a P9 drop.

Meanwhile, JG Summit reached a high of P39.30 but dropped to as low as P37.85 before recovering to P38.40, down by 85 centavos, while Universal Robina closed down by 90 centavos at P117.90, having reached a high of P119.50 and a low of P117.50.

Analysts have mentioned that the continued economic uncertainty has added to the lack of conviction from investors in the market, as evidenced by the ongoing net foreign selling and muted trading volume.

Foreign buying amounted to P1.544 billion, while foreign selling reached P1.820 billion, resulting in a net foreign selling of P275 million. Value turnover amounted to just P4.5 billion, down by 25 percent from the average, with 96 gainers, 77 losers, and 50 shares remaining unchanged.

Aboitiz Power emerged as the most active stock, with trades totaling P768 million, as it gained 90 centavos, closing at P36.60, while ACEN Corp followed with P341 million in trades, rising by 1 centavo to P5.39.

Semirara Mining, which disclosed a special cash dividend of P3.50 for a total dividend declaration of P14.88 billion, was the third most active with P276 million, gaining 3.97 percent, closing at P36.65, up by P1.40.

Holding firms ended the day down by 0.42 percent, while industrials lost 0.04 percent. Financials gained 0.56 percent, services by 0.53 percent, property by 0.58 percent, and mining and oil were up by 1.22 percent with the Semirara surge.

SM Prime also rose by 45 centavos to P31, but Ayala Land lost 15 centavos, closing at P28.55. Robinsons Land gained 10 centavos, closing at P15.14, while Megaworld went up by 4 centavos, closing at P2.07.

The gainers included Globe Telecom, which rose by P3 to P1,805, although it reached as high as P1,833, while PLDT lost P9, closing at P1,211, but it reached a high of P1,232 before profit-takers came in, resulting in the telco stock dropping to its lowest price point at the close.

BDO Unibank gained 10 centavos, closing at P139.30, Jollibee Foods gained P7, closing at P226, and Converge went up to P10.22, up by 34 centavos.

Metrobank lost 20 centavos, closing at P51.70, Atlas Mining went up by 5 centavos, closing at P3.19, while Philex Mining remained unchanged at P2.84, although it reached a high of P2.93 and a low of P2.80. Aboitiz Equity gained 50 centavos, closing at P49.50.

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