PSE Index Rises As Inflation Drops Slightly

The Philippine Stock Exchange (PSE) index rose today due to bargain hunting, reaching 6,529.43, an increase of 36.68 points or 0.56 percent.

The Philippine Stock Exchange (PSE) Index, July 8, 2024

Inflation was recorded at 3.7 percent for June, down from 3.9 percent the previous month.

The index was significantly higher before the close, with all sub-indices showing positive signals before profit-taking occurred. At the close, holding firms decreased by 0.09 percent, services lost 0.50 percent, and property was down by 0.09 percent.

Financials rose by 2.66 percent, industrials gained 0.59 percent, and mining advanced by 0.57 percent.

Analysts remain optimistic about the anticipated interest rate cut expected to be implemented by the Bangko Sentral. Additionally, the US Federal Reserve is expected to cut rates due to low inflation expectations.

Value turnover was just P400 million shy of the average at P5.62 billion, with foreign investors now net buyers amounting to P143 million, based on foreign buying of P2.786 billion and foreign selling of P2.642 billion.

There were 95 gainers, 104 losers, and 42 shares unchanged.

Among the gainers were BDO Unibank, the most active with trades amounting to P930 million, Metrobank, Bank of the Philippine Islands (BPI), UnionBank, PLDT, Aboitiz Power, First Gen, JG Summit, Nickel Asia, OceanaGold, SPNEC, Meralco, Manila Water, Shell Pilipinas, Puregold, Apex Mining, Philex Mining, Cosco Capital, Emperador, Megaworld, DMCI Holdings, DigiPlus, and Roxas and Co.

Among the losers were ICTSI, Ayala Land, SM Prime, LT Group, SM Investments, China Bank, ACEN Corp, Semirara Mining, Alternergy, and China Bank. Those unchanged were Ayala Corp, PNB, Basic Energy, Petron Corp, Century Foods, D&L Industries, and Figaro Coffee.