PSE Index Closes Month Up A Milestone Level

The Philippine Stock Exchange (PSE) index rose to a milestone level Friday on net foreign buying, following the Bangko Sentral ng Pilipinas' announcement that the inflation rate is expected to be controlled within its target range.

The Philippine Stock Exchange (PSE) Index, June 28, 2024

The index closed at 6,411.91 points, up by 21.33 points or 0.33 percent. Opening four points higher from its Thursday close, the PSE index surged to as high as 6,442.79 points before dropping to 6,387.68 points.

Foreign investors contributed to the market with a net foreign buying of P393.5 million, consisting of foreign buying worth P3.379 billion and foreign selling worth P2.985 billion.

Value turnover was above average at P6.4 billion, with 109 gainers, 85 losers, and 52 shares unchanged.

Analysts noted that the market responded positively to the Bangko Sentral's announcement of lower inflation expectations due to the rice tariff decline in the later months, with inflation projected to be within the 2 to 4 percent range.

Additionally, there was a net inflow of more than $300 million for May, and the BSP decided to freeze any action on interest rates.

Holding firms rose by 0.93 percent, with SM Investments increasing by P13.50 to P830.50. The services sector gained 0.49 percent, the industrial sector 0.10 percent, and the property sector 0.50 percent.

However, the financials and mining and oil sectors posted losses of 0.51 percent and 0.86 percent, respectively.

Among the gainers were GT Capital, Universal Robina, SM Prime, ICTSI, Globe Telecom, PLDT, Converge, Dito, Cebu Air, Jollibee Foods, Metrobank, PNB, EastWest Bank, Union Bank, ACEN Corp., Basic Energy, Cosco Capital, Roxas and Co., Semirara Mining, DMC Holdings, LT Group, Mreit RT, Belle Corp, Bloomberry, ABS-CBN, GMA-7, DigiPlus, Philweb, Haus Talk, CEMEX Holdings, and PSE.

Among the losers were Security Bank, BDO Unibank, Ayala Land, Bank of PI, Alternergy, Aboitiz Power, First Gen, Meralco, Manila Water, D&L Industries, Monde Nissin, Century Food, Abacore, Philex Mining, Atlas Mining, SSI Group, Aboitiz Equity, and JG Summit.

The unchanged stocks included Chinabank, Citicore RE, Petron, SPNEC, Shell Pilipinas, Figaro Coffee, Megawide, Phil. Seven, Apex Mining, and Ferronickel.