PSE Index Recovers Lost Ground

The Philippine Stock Exchange (PSE) index today recovered lost ground, clambering back above its support level amid a changeover in an index fund to close at 6,433.10 points, up by 61.35 points or 0.96 percent.

The Philippine Stock Exchange (PSE) Index, May 31, 2024

Four of six sub-indices posted gains that resulted in the index recovery but not after it was unnerved by an early sell-down that saw the index decline to a low of 6,356.52 points.

Bargain hunting reversed the downward trend that saw the index close at its top price point.

Value turnover was almost four times the average at P22.7 billion as the Morgan Stanley composite index recalibrated its index composition.

Aboitiz Equity was the most active with trades of P5.48 billion as it lost 5.27 percent to P35.05 while market bellwether SM Investments lost 1.69 percent to P870 on trades of P1.82 billion.

ACEN Corp, which was included rose by 1.05 percent to P480 on trades of P1 billion. Industrials rose by 1.99 percent, property by 1.43 services by 4.21 percent, mining and oil, by 0.86 percent, financials lost 0.73 percent, and holding firms down by 0.51 percent. 

There were 98 gainers, 89 losers, and 51 shares unchanged. Foreign buying amounted to P14.12 billion while foreign selling reached 19.35 billion for net foreign selling of P5.23 billion. 

Among the gainers were Meralco, SM Prime, Manila Water, ICTSI, Metrobank, Aboitiz Power, Jollibee Foods, D&L Industries, Emperador, Petron, China Bank, DoubleDragon, Monde Nissin, JG Summit, and Universal Robina. Globe Telecom, Bloomberry, Philex Mining, Apex Mining, Megaworld, ABS-CBN, Semirara Mining, and Alternergy also gained.

Among the losers were BDO Unibank, Ayala Corp, Ayala Land, Union Bank, San Miguel Corp, AREIT, Oriental Petroleum, GT Capital, and Nickel Asia, while those unchanged were Bank of PI, First Gen, Ginebra, CEMEX Holdings, and Axelum.