PSE Index Nears 7,000-Point Level

The Philippine Stock Exchange (PSE) index closed near the coveted 7,000-point level, with foreign investors again becoming net buyers in above-average trades, ending Thursday with a gain of 61.34 points or 0.89 percent, to close at 6,961.96 points.

The Philippine Stock Exchange (PSE) Index, August 22, 2024

Financials rose by 2.52 percent, industrials by 0.33 percent, holding firms by 0.73 percent, and services gained 0.72 percent.

Meanwhile, the mining and oil, and property sectors lost 0.06 percent and 0.67 percent, respectively. Value turnover was P1 billion above average at P6.99 billion, with foreign trades accounting for P6.2 billion.

Foreign buying amounted to P4.317 billion, while foreign selling hit P1.981 billion, resulting in net foreign buying of P2.335 billion.

Analysts expect the market to again target the resistance at 7,000 points, driven by a series of positive economic developments, including a 25-basis-point decline in interest rates.

The Bangko Sentral has hinted at further rate decreases as the inflationary spiral is expected to subside. The market had already hit the 7,000-point level in intraday trading, but profit-taking dampened the expected enthusiasm for a higher index.

The index moved to within 13 points of the coveted level before retreating at the last minute.

Market bellwether SM Investments posted a P3 gain to P935, while ICTSI continued to dominate with trades of P699 million, rising by another P6.20 to P417.20, up by 1.51 percent.

BDO Unibank was the second most active stock, with a 3.70 percent increase to P154, up by P5.50. There were 117 gainers, 80 losers, and 43 unchanged shares.

Among the gainers were Bank of PI, DigiPlus, Metrobank, Converge, Roxas and Co., Steniel, Aboitiz Power, Citicore REIT, Meralco, Semirara Mining, SPNEC, Haus Talk, AgriNurture, Century Pacific Food, Figaro Coffee, D&L Industries, Jollibee Foods, Ginebra, Cebu Air, Globe Telecom, MacroAsia, Belle Corp., Ayala Corp., Philodrill, Universal Robina, GMA-7, Alliance Global, SSI Group, and Nickel Asia.

Among the losers were ACEN Corp., Ayala Land, SM Prime, Basic Energy, First Gen, Manila Water, Monde Nissin, Axelum, Bloomberry, Puregold, DoubleDragon, Robinsons Land, Megaworld, Shang Properties, ABS-CBN, MRC Allied, PLDT, Dito CME, PhilWeb, OceanaGold, Apex Mining, and Atlas Mining.

Meanwhile, Union Bank, Petron, Alternergy, Pegatron, DMCI Holdings, San Miguel, Cebu Landmasters, Wilcon Depot, and Philex Mining remained unchanged.