PSE Index Hits New Milestone Level; This Time In The Green

The Philippine Stock Exchange (PSE) witnessed another day of recovery on April 18, with the index reaching a new milestone level of 6,523.19 points, marking a significant increase of 73.15 points or 1.13 percent.

The Philippine Stock Exchange (PSE) Index, April 18, 2024

All sub-indices recorded gains except for the mining and oil index, which experienced a slight dip. Foreign investors continued to sell more than they bought, with net selling totaling P619 million despite foreign buys amounting to P2.913 billion.

This trend was attributed to the postponement of the projected US rate reduction until September, leading to cautious investor sentiment.

Financials saw a notable increase of 1.74 percent, followed by services with a substantial surge of 2.61 percent. Industrial, holding firms, and property sectors also posted gains, contributing to the overall positive performance of the market.

The value turnover exceeded the average trades, reaching P6.55 billion, indicating heightened trading activity.

Market bellwether SM Investments rose by P2 to P940, while BDO Unibank emerged as the most active stock with P658 million in trades, despite experiencing a decline of P1.90 to P148.10.

Among the gainers were Ayala Land, ICTSI, Bank of PI, and Metrobank, while SM Prime, Universal Robina, and Meralco were among the notable losers for the day.

Despite some fluctuations, the market remained resilient, with analysts closely monitoring developments in both local and global economic landscapes.