PSE Index Closes At Highest Price Point To Hit Milestone

The Philippine Stock Exchange (PSE) index closed at its highest price point Friday, closing the week up a milestone at 6,647.80 points, which marks an increase of 98.53 points, or 1.50%.

The Philippine Stock Exchange (PSE) Index, August 9, 2024

This upward movement was supported by strong performances across all of the Top 10 most active stocks, which ended in positive territory.

The value turnover for the day was slightly above average at P6.131 billion, with 104 stocks advancing, 82 declining, and 53 remaining unchanged.

Foreign trades were robust, accounting for P5.3 billion, with foreign buying at P2.728 billion and foreign selling at P2.640 billion, resulting in a net foreign buying of P87.4 million.

Notably, blue chip stocks, especially in the property sector, showed considerable gains. Key market bellwether SM Investments surged by 3.56% to close at P930, reflecting renewed investor interest in stocks with large public floats.

Sector-wise, holding firms led the gains with a 2.20% rise, followed by property shares up 1.72%, and mining and oil up 2.50%.

Top active stocks included Bloomberry, Bank of the Philippine Islands (BPI), and Globe Telecom, which saw significant buying activity. Blue chips like BDO Unibank, PLDT, ICTSI, Ayala Land, SM Prime, and Ayala Corp. also contributed to the positive market sentiment.

On the downside, some stocks such as DigiPlus, China Bank, and Union Bank experienced losses, while others like Petron and Emperador remained unchanged.

Despite the mixed performance in some sectors, the overall market outlook was buoyed by gains in key sectors and continued foreign investor interest.