PSE Index Rises Anew On Inflation Numbers

The Philippine Stock Exchange (PSE) index saw another rise today following the announcement of the lowest inflation number at 3.9 percent last month.

The Philippine Stock Exchange (PSE) Index, January 5, 2024

The index closed the day at 6,629 points, marking a gain of 27.12 points or 0.41 percent.

Despite losses in three sub-indices—property down by 1.13 percent, services lower by 0.17 percent, and mining and oil down by 0.005 percent—the index is approaching the 6,700-point resistance level.

This development suggests the possibility of a late Christmas rally. Financials experienced a notable increase of 1.15 percent, industrial also rose by 1.15 percent, and holding firms showed a gain of 0.94 percent.

The December inflation rate, hitting 3.9 percent, contributed to an average of 6 percent for the year, a figure that investors welcomed, leading to higher trade volume.

Foreign investors were net buyers with an amount totaling P420 million, driven by foreign buying of P2.761 billion and foreign selling of P2.341 billion.

The total value turnover for the day reached P5.25 billion, with 124 gainers, 55 losers, and 49 shares remaining unchanged.

Among the gainers were BDO Unibank, Universal Robina, SM Investments, JG Summit, Jollibee Foods, Metrobank, GT Capital, Security Bank, PNB, Bank of the Philippine Islands, ACEN, Manila Water, Meralco, Megawide, and Semirara Mining.

On the other hand, the losers included Fruitas, Benguet Corp B, Anglo, AgriNurture, ICTSI, Ayala Corp, DoubleDragon, and Robinsons Retail, while Axelum, Aboitiz Equity, Filinvest, San Miguel, and Bloomberry were also mentioned.

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