PSE Index Propelled To Gain By Foreign Buying

The Philippine Stock Exchange (PSE) index gained momentum Monday, boosted by foreign investor buying, pushing the market past the 7,000-point mark.

The Philippine Stock Exchange (PSE) Index, September 9, 2024

However, the index closed just below that level at 6,984.25 points, marking an increase of 48.16 points or 0.69 percent.

Among the sub-indices, financials rose by 1.36 percent, holding firms by 1.06 percent, services by 0.36 percent, and property by 1.18 percent. In contrast, the industrial and mining and oil sectors slipped by 0.08 percent and 0.83 percent, respectively.

Value turnover was substantial at P7.12 billion, with foreign trades contributing P5.62 billion, signaling a re-entry of local investors.

The market hit an intraday high of 7,025.46 points but faced a sell-down toward the close. Despite this, net foreign buying stood at P1.025 billion, with foreign purchases amounting to P3.23 billion against foreign selling of P2.298 billion.

Among the gainers, SM Investments led the charge, increasing by P11.50 to P920, alongside other notable performers such as GT Capital, SM Prime, Ayala Land, ICTSI, BDO Unibank, and Universal Robina.

Also in the green were China Bank, PhilWeb, Figaro Coffee, Citystate Savings, PNB, SMC Food and Beverage, D&L Industries, Alliance Global, JG Summit, Puregold, Philodrill, Alternergy, Aboitiz Power, Manila Water, First Gen, Century Food, Converge, PLDT, DITO CME, PAL, Atlas Mining, Wilcon Depot, ABS-CBN, and Aboitiz Equity.

On the downside, AREIT, ACEN Corp., Meralco, Petron, Semirara Mining, and Jollibee Foods were among the significant losers.

Also in the losing column were Bloomberry, Ayala Corp., Abacore, San Miguel, LT Group, Megaworld, Robinsons Land, DMC Holdings, AgriNurture, SPNEC, Globe Telecom, GMA-7, Cebu Air, Phil Seven, Shell Pilipinas, and DoubleDragon.

Several stocks, including Union Bank, Basic Energy, Citcore RE, Monde Nissin, Belle Corp., DigiPlus, and Philex Mining remained unchanged. Analysts anticipate the market will continue testing the resistance level at 7,000 points as foreign buying persists.