PSE Index Nears Resistance Level

The Philippine Stock Exchange (PSE) index today neared its resistance level as it rose by 37.27 points or 0.56 percent to 6,680.45 points, with all sub-indices in the green, even as foreigners became net sellers.

The Philippine Stock Exchange (PSE) Index, January 15, 2024

Financials, which were in the red minutes before the close, nudged up for a gain of 0.39 percent to complete the sweep. Holding firms went up by 0.74 percent, services by 1.01 percent, industrial by 0.24 percent, property by 0.32 percent, and mining and oil by 1.35 percent.

Value turnover amounted to P5.8 billion with 107 gainers, 78 losers, and 52 shares unchanged.

Foreign buying amounted to P2.714 billion, while foreign selling hit P2.958 billion for a net foreign selling of P244 million.

Analysts see Tuesday's trading as crucial, as the PSE index's resistance level of 6,700 points is within reach. Market pundits see the index piercing the 6,700-point level and going beyond 7,000 points.

Among the gainers were ICTSI, Jollibee Foods, Globe Telecom, GT Capital, Bank of PI, SM Investments, ACEN Corp, Converge, Semirara Mining, Manila Water, Meralco, Megawide, Aboitiz Equity, Century Food, and Cebu Air.

The losers included PNB, Axelum, Universal Robina, Phil Seven, Ayala Land, Security Bank, Top Frontier, DoubleDragon, Puregold, and Nickel Asia. Unchanged were Synergy Grid, SPNEC, Emperador, Albacore Holdings, Ayala Corp, and Century Properties.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem