PSE Index Rebounds In Volatile Trade To Close At Highest Price Point

The Philippine Stock Exchange (PSE) index witnessed a volatile trading session today, characterized by a significant drop below a milestone level followed by a remarkable recovery, ultimately closing at its highest price point of 6,898.17 points.

The Philippine Stock Exchange (PSE) Index, March 26, 2024

This represents an increase of 45.07 points or 0.66 percent from the previous session.

Initially opening low, the index experienced a rapid decline, reaching a low of 6,797.65 points before bouncing back as various sectors including services, holding firms, property, and industrial posted gains.

Notably, market bellwethers such as SM Investments and ICTSI recorded gains in mid-trade.

This prompted investors to engage in bargain hunting and repurchase blue-chip stocks that had experienced declines, ultimately propelling the index closer to the highly anticipated 7,000-point level.

ICTSI emerged as the most active stock with a turnover of P857 million, followed by BDO Unibank, Bank of PI, and Metrobank, although the financial sector experienced a decline of 0.95 percent.

Similarly, the mining and oil index also saw losses due to declines in NickelAsia, Philex Mining, and Philodrill, resulting in a decrease of 0.63 percent. Overall, the value turnover amounted to a substantial P7.61 billion, with 98 gainers, 99 losers, and 48 shares remaining unchanged.

Despite significant net foreign selling amounting to P1.79 billion, analysts view the index's rise as a positive development for the market.

They attribute the resurgence of local investors to projections of a pause in interest rate hikes in the US and favorable policies from the Bangko Sentral ng Pilipinas.

Among the gainers were prominent companies such as Monde Nissin, First Gen, ACEN Corp., Security Bank, Union Bank, Meralco, Manila Water, Emperador, Ayala Land, SM Prime, Robinsons Land, San Miguel, Alliance Global, Shakey's, Bloomberry, Dito CME, Globe Telecom, PLDT, GMA 7, ABS-CBN, Converge, Universal Robina, and Alternergy.

On the other hand, notable losers included PNB, Semirara Mining, Synergy Grid, AgriNurture, Jollibee Foods, Ginebra, Fruitas Holdings, Belle Corp, DigiPlus, PAL, DMC Holdings, and Megawide, while SPNEC, Basic Energy, Axelum, SMC Food and Beverage, Aboitiz Equity, GT Capital, Cebu Air, and Megaworld remained unchanged.

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