PSE Index Continues To Surge

The Philippine Stock Exchange (PSE) index surged to another milestone level to end the week but corrected to 6,793.69 points, an advance of 86.68 points or 1.29 percent, on foreign buying.

The Philippine Stock Exchange (PSE) Index, July 19, 2024

The country's stock market remains within sight of breaching the resistance level at 6,850 points.

Only the mining and oil index posted a loss, declining by 1.209 percent due to a drop in gold prices. The financials sector spearheaded the gainers with a significant 2.53 percent rise.

Other sectors also saw increases: industrial went up by 0.18 percent, holding firms by 0.80 percent, services by 0.96 percent, and property by 1.41 percent. BDO Unibank emerged as the most active stock with P932 million as it gained 4.42 percent to P148.80, up by P6.30.

Market bellwether SM Investments breached a new price level, rising to P911, up by P9.

Foreign buying accounted for the rise in value turnover of P6.835 billion, which is 13.9 percent above average.

Net foreign buying amounted to P1.44 billion, with foreign buying at P4.13 billion and foreign selling at P2.697 billion. The market opened at 6,707.45 points, its lowest price point, surged to 6,829.97 points, and then declined due to profit-taking.

There were 96 gainers, 75 losers, and 65 shares unchanged. Analysts expect the market momentum to continue next week due to a possible decline in US interest rates.

Among the gainers were Bank of the Philippine Islands, Metrobank, SM Prime, Ayala Land, ICTSI, Universal Robina, Ayala Corp., San Miguel, Monde Nissin, Converge, Semirara Mining, PNB, China Bank, EastWest, Century Properties, Enex Energy, and PhilWeb.

Closing out the list of stocks that ended the week in the green were Union Bank, Aboitiz Equity, Citicore REIT, Meralco, Synergy Grid, Shell Pilipinas, SPNEC, Emperador, Megaworld, Robinsons Land, Boulevard Holdings, Belle Corp., and Cebu Air.

Among the losers were Bloomberry, ACEN Corp., Aboitiz Power, Basic Energy, First Gen, Petron, Century Food, Jollibee Foods, Ginebra, ABS-CBN, PAL, DITO, PLDT, AREIT, DNL Industries, AbaCore, DMCI Holdings, DoubleDragon, and Atlas Mining.

Those unchanged included DigiPlus, Security Bank, Manila Water, Alliance Global, Nexgen Energy, Megawide, Globe Telecom, Figaro Coffee, Haus Talk, and Nickel Asia.