PSE Index Recovers

The Philippine Stock Exchange (PSE) recovered lost ground today, climbing back to 6,613.73 points, up by 67.62 points or 1.03 percent due to bargain hunting by foreign investors.

The Philippine Stock Exchange (PSE) Index, January 11, 2024

Net buyers amounted to P648 million, following positive news about the decline in unemployment numbers and a World Bank projection of higher growth rates. Banks emerged as top favorites, anticipated to profit from economic growth, resulting in a substantial 2.81 percent rise in Financials.

BDO Unibank closed at P139.80, up by 3.48 percent or P4.70 on trades of P725 million, making it the most active stock.

Other bank gainers included Bank of PI, Metrobank, and PNB, while Security Bank experienced a decline, and Union Bank remained unchanged.

Industrials gained 1.23 percent, Holding firms by 0.64 percent, Mining and Oil by 0.78 percent, and Property rose by 0.31 percent, while Services was the lone loser among the sub-indices.

The total value turnover amounted to P5.2 billion, with 100 gainers, 67 losers, and 51 shares remaining unchanged. Foreign buying amounted to P3.04 billion, reaching that amount for the first time, while foreign selling reached P2.39 billion.

Bargain hunters even pushed up the share price of Ayala Corp, which had posted declines after Mitsubishi sold its stake at a 7 percent discount.

Ayala finished the day at P674, up by P9 on trades of P492 million, making it the second most active stock.

Among the gainers were SM Prime, Jollibee Foods, Universal Robina, RFM, Century Food, EEI, Citicore REIT, Globe Telecom, Dito CME, Converge, Alliance Global, Synergy Grid, Atlas Mining, AgriNurture, SPNEC, Aboitiz Equity, ABS-CBN, Aboitiz Power, and Monde Nissin. Unchanged stocks included ACEN Corp, First Gen, Megawide, Robinsons Retail, Lepanto Mining, and Megaworld.

The losers included ICTSI, Ayala Land, Marc Ventures, Meralco, Manila Water, Axelum, Fruitas Holdings, Ginebra, Abacore Capital, Ayala REIT, Robinsons Land, PLDT, Bloomberry, and Digiplus Interactive.

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