PSE Index Claws Back To Milestone Level

The Philippine Stock Exchange (PSE) index rebounded Thursday, closing at 6,907.97 points, up by 25.85 points or 0.38 percent.

The Philippine Stock Exchange (PSE) Index, September 5, 2024

Foreign investors were largely responsible for the modest rise, with the services sub-index posting significant gains as port operator ICTSI emerged as the most active stock of the day, with trades worth P442 million, accounting for 8 percent of the total value turnover.

Analysts attributed the market's positive performance to the lower inflation rate for August, which came in at 3.3 percent.

The decrease in inflation boosted investor confidence, particularly in the services and financial sectors. The reduced price increases suggest that the Bangko Sentral ng Pilipinas may consider another rate cut following its recent 25-basis-point reduction.

The services sector advanced significantly, gaining 1.81 percent, as major telecommunications companies—PLDT, Globe Telecom, and Converge—posted gains alongside ICTSI.

Financials were up 0.72 percent, and the industrial sector rose by 0.97 percent, helping the index recover its previous milestone level. However, mining and oil fell by 0.25 percent, property by 1.23 percent, and holding firms by 0.35 percent. Market bellwether SM Investments closed unchanged.

Foreign investors were net buyers, with a net inflow of P258.9 million, driven by buying activity amounting to P2.62 billion against selling of P2.36 billion.

Total foreign trade reached P4.98 billion, while value turnover for the day hit P5.07 billion. There were 96 gainers, 94 losers, and 46 unchanged stocks.

Among the gainers were Metrobank, Bank of the Philippine Islands (BPI), BDO Unibank, Jollibee Foods, MRC Allied, Roxas and Co., Security Bank, Philippine National Bank (PNB), ACEN Corp., Citicore REIT, and First Gen.

Joining the stocks in the green as well were Meralco, Emperador, Petron, Aboitiz Equity Ventures, Cosco Capital, LT Group, DoubleDragon, GT Capital, Robinsons Retail, Puregold, Semirara Mining, Synergy Grid, SPNEC, Cebu Air, Axelum, Century Pacific Food, D&L Industries, Alliance Global, San Miguel Corp., Megaworld, and Abacore.

Among the losers were Ayala REIT, Universal Robina, SM Prime, Citystate Savings, Manila Water, Vitarich, Megawide, Ayala Corp., JG Summit, GMA-7, Philippine Airlines (PAL), OceanaGold, Dito CME, Belle Corp., Greenergy, Monde Nissin, CEMEX Holdings, and DMC Holdings.

Meanwhile, unchanged stocks included Ayala Land, Union Bank, China Bank, Figaro Coffee, Apex Mining, Nickel Asia, and Philex Mining.