PSE Index Rises On Bargain Hunting

The Philippine Stock Exchange (PSE) index edged higher Wednesday, closing at 6,333.46 points, up 30.79 points or 0.49 percent.

The Philippine Stock Exchange (PSE) Index, January 15, 2025

Bargain hunting drove gains, with sub-indices posting mixed results amidst continued foreign sell-offs.

Property giants led the charge, with Ayala Land (ALI) and SM Prime Holdings (SMPH) posting notable gains. ALI rose 2.75% to close at ₱26.20, while SMPH gained 3.36% to end at ₱24.60.

Both stocks opened strongly, driven by bargain hunting, and climbed further during the session before retreating slightly.

Other sectors saw mixed performance: services were up 0.94%, industrials slightly gained 0.005%, holding firms, sank 0.50%, mining and oil declined 0.39%, and financials slid 0.10%.

Market bellwether SM Investments initially rose to ₱860 but closed 0.42% lower at ₱834.50 amid selling pressure.

Net foreign selling totaled ₱540 million, with foreign buying at ₱2.502 billion and selling at ₱3.042 billion. Total value turnover for the day reached ₱5.44 billion, with 88 gainers, 100 losers, and 44 stocks unchanged.

Bearish sentiments linger as market participants await the U.S. Federal Reserve's decision on interest rates. The Fed's response to stronger economic activity and potential inflationary pressures could impact global markets.

Stocks that rose were ICTSI, PLDT, Converge, Synergy Grid, Union Bank, Aboitiz Power, Meralco, Manila Water, Semirara Mining, Cebu Air, Robinsons Retail, Universal Robina, Apex Mining, and others.

Ayala Corp., BDO Unibank, Metrobank, Globe Telecom, Puregold, Robinsons Land, Shell Pilipinas, Petron Corp., Nickel Asia, and Philex Mining, closed the day in the red. Meanwhile, PNB, First Gen, Jollibee Foods, Max's, Alliance Global, VREIT, Oriental Petroleum, and Phil Seven remained unchanged.