PSE Index In Big Recovery

The Philippine Stock Exchange (PSE) index made a significant recovery today, primarily driven by bargain hunting as investors sought undervalued shares. Foreign investors also turned net buyers, setting aside geopolitical concerns.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 17, 2023

The index closed higher by 82.07 points, representing a 1.32 percent increase, reaching 6,280.90 points.

During the market recess, many blue-chip stocks experienced gains of up to three price fluctuations, as bargain hunters flocked to capitalize on lower share prices, resulting in an increase of 66.87 points.

The property sector witnessed the most substantial surge, rising by 1.83 percent.

Property giants SM Prime and Ayala Land saw gains of 3.07 percent to reach P31.85 (an increase of 95 centavos) and 1.56 percent to reach P29.30 (an increase of 45 centavos), respectively.

SM Investments, the market bellwether, led the holding firms with a 1.45 percent increase, gaining P15 or 1.87 percent to reach P817. Ayala Corp also rose by P9 to reach P620, Aboitiz Equity increased by 5 centavos to P49.75, and GT Capital gained P2.50 to reach P564.

The financial sector saw a 0.47 percent increase, industrials rose by 0.69 percent, services increased by 1.61 percent, and mining and oil dropped by 0.97 percent. Semirara Mining lost 70 centavos to reach P35.10, while Atlas remained unchanged at P3.34.

Foreign buying amounted to P3.88 billion, while foreign selling reached P3.60 billion, resulting in a net foreign selling of P276 million.

Total value turnover was P5.68 billion, with 110 gainers, 78 losers, and 45 shares remaining unchanged. BDO Unibank was the most actively traded stock, with P1.36 billion in trades, rising by 10 centavos to reach P135.30.

It was followed by ICTSI with P670 million in trades, closing at P215, up by P6, and Puregold, the third most active with P373 million in trades, gaining 40 centavos to reach P29.60.

Among the gainers were Universal Robina, up by P1.10 to P114.90, Converge, up by 41 centavos to P10.24, BPI, up by P1.51 to P107.80, Globe Telecom, up by P2 to P1,792, JG Summit, up by P1.15 to P49.75, PNB, up by 4 centavos to P18.70, ACEN Corp, up by 5 centavos to P5.26, and Jollibee Foods up by a peso to P219.

The losers included Dito CME, down by 5 centavos to P3.60, Metrobank down by 50 centavos to P52.40, Bloomberry down by 4 centavos to P10.26, Aboitiz Power down by 15 centavos to P36.85, Robinsons Land down by 22 centavos to P14.96, and Cebu Air down by 5 centavos to P33.05. Alliance Global remained unchanged at P11.80.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic