PSE Index Recovers Lost Ground On Bargain-Hunting

The Philippine Stock Exchange (PSE) index regained some lost ground today, closing at 6,676.65 points, up by 119.56 points or 1.82 percent, driven by bargain-hunting.

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

However, bearish sentiment persists due to continued foreign selling, which pressured the holding firms sub-index into posting a loss. Despite coming within 6 points of a key milestone level, the index failed to sustain its upward momentum.

Market bellwether SM Investments mirrored the index's performance. The stock climbed to as high as ₱894 but succumbed to selling pressure, closing ₱1 lower at ₱875.

Foreign investors remained net sellers, with foreign buying totaling ₱2.618 billion against foreign selling of ₱3.486 billion, resulting in net foreign selling of ₱868 million. The holding firms sub-index was the only sector in the red, down by 0.18 percent.

In contrast, financials gained 3.15 percent, industrials rose 3.46 percent, services added 1.20 percent, mining and oil were up by 0.74 percent, and property increased by 2.01 percent.

Value turnover amounted to ₱6.7 billion, with local investors accounting for nearly ₱700 million. The market saw 146 gainers, 56 losers, and 52 unchanged stocks. BDO Unibank was the most active stock, recording ₱1 billion in trades as it rose by ₱3.80 to ₱141.90.

Ayala Land followed with ₱784 million in trades, gaining 25 centavos to close at ₱29.05.

Among the notable gainers were Ayala Land, SM Prime, ICTSI, Bank of the Philippine Islands (BPI), PLDT, Jollibee Foods, First Gen, Semirara Mining, San Miguel Corporation (SMC) Food and Beverage, Manila Water, and Meralco.

Also up were Synergy Grid, Metrobank, Security Bank, Union Bank, China Bank, Aboitiz Power, Century Food, Alternergy, PNB, Ginebra, Monde Nissin, Keepers, Vitarich, D&L Industries, Belle Corp., AREIT, Megaworld, MRC Allied, Robinsons Land, Globe Telecom, DigiPlus, Puregold, and Philex Mining.

On the losing side were Ayala Corp., GT Capital, Petron, Shell Pilipinas, Roxas and Co., Megawide, Aboitiz Equity, ABS-CBN, Converge, OceanaGold, Apex Mining, and Atlas Mining.

Unchanged stocks included San Miguel, AgriNurture, PSE, Haus Talk, and Nickel Asia.