PSE Index Surges 2 Milestone Levels

The Philippine Stock Exchange (PSE) index surged by two milestone levels Thursday reaching 6,609.24 points, an increase of 119.89 points or 1.85 percent.

The Philippine Stock Exchange (PSE) Index, July 11, 2024

This growth was driven by a healthy trading volume and a net influx of foreign investors, positioning the market to potentially reach the elusive 7,000-point level.

All sub-indices posted notable gains. Several blue-chip stocks neared their year's highest share prices, with PLDT increasing by PHP42 to PHP1,532, just PHP3 shy of its 52-week high.

Similarly, Globe Telecom advanced by PHP50 to PHP2,150, only PHP8 away from its 52-week high. Market bellwether SM Investments rose by 2.78 percent to PHP870.

The holding firms sub-index posted the biggest rise at 2.35 percent, with gains from Ayala Corp, JG Summit, LT Group, GT Capital, San Miguel, and Aboitiz Equity. Financials rose by 1.10 percent, industrial by 1.85 percent, services by 1.22 percent, mining and oil by 1.31 percent, and property by 1.67 percent.

All Top 10 most active stocks, led by BDO Unibank with PHP498 million in trades, were in positive territory.

Value turnover amounted to PHP 6.609 billion, with foreign trades accounting for PHP6.47 billion. There was a net foreign buying of PHP68.4 million, with foreign buying at PHP3.271 billion and foreign selling at PHP3.203 billion.

Gainers outnumbered losers nearly two-to-one, with 117 gainers, 68 losers, and 60 shares unchanged.

Among the gainers were Ayala Land, SM Prime, Robinsons Land, DoubleDragon, DigiPlus, Apex Mining, Philex Mining, United Paragon, Ferronickel, Bloomberry, Metrobank, Megawide, Metrobank, Emperador, Figaro Coffee, and DMC Holdings.

Also closing the week up were Monde Nissin, Puregold, SSI Group, Converge, Bank of PI, AREIT, Jollibee Foods, Aboitiz Power, Semirara Mining, Century Food, D&L Industries, Manila Water, Meralco, and Ginebra.

Among the losers were Oceana Gold, Atlas Mining, Phil. Seven, Wilcon Depot, PAL, Philweb, Dito CME, ABS-CBN, Roxas and Co., Synergy Grid, Petron, and Union Bank. Unchanged stocks included Nickel Asia, Oriental Petroleum, GMA-7, DM Wenceslao, Cosco Capital, CEMEX Holdings, and Belle Corp.