PSE Index Seen To Breach Resistance Level

The Philippine Stock Exchange (PSE) index closed today at its highest point, reaching 7,104.20, up by 81.35 points or 1.16%, as analysts predict the market will breach its next resistance level at 7,150 points.

The Philippine Stock Exchange (PSE) Index, September 16, 2024

This optimism is bolstered by the expected "Ber" months' growth, which traditionally coincides with the festive December season.

All sub-indices were in the green, with four posting substantial gains above 1%, even as stock transaction volume remained muted at just P3.95 billion. The Financials index rose by 1.43%, Industrials by 1.37%, Holding Firms by 1.30%, and Mining and Oil by 1.59%.

Meanwhile, Services increased by 0.39%, and Property went up by 0.64%.

The entry of more local investors was evident, with foreign trades accounting for P2.644 billion, while locals contributed P1.3 billion. Analysts anticipate further index growth, as foreign investors remained net buyers, amounting to P158 million, based on P1.501 billion in buying and P1.343 billion in selling.

Market bellwether SM Investments rose by P8.50 to P948.50, leading the 115 gainers. However, ACEN Corp., which hit a high of P5.27, closed 4 centavos lower at P5.11, leading the losers.

There were 115 gainers, 85 losers, and 53 unchanged shares. DigiPlus was the most active stock, with trades amounting to P729 million. It initially showed a red sign but closed 96 centavos higher at P18, with a low of P15.30 and a high of P18.48.

Among the notable gainers were ICTSI, BDO Unibank, Monde Nissin, Universal Robina, JG Summit, Rizal Commercial, Bank of PI, Axelum, Jollibee Foods, Greenergy, Megawide, D&L Industries, and PNB.

Also rising were Security Bank, Alternergy, Aboitiz Power, Century Food, Citicore REIT, Vitarich, Abacore, DMCI Holdings, LT Group, SM Prime, San Miguel, Cebu Air, Meralco, Manila Water, First Gen, Petron, Semirara Mining, Atlas Mining, Apex Mining, OceanaGold, Boulevard Holdings, and Nickel Asia.

On the losing side were Metrobank, Basic Energy, Shell Pilipinas, AgriNurture, Ginebra, Roxas and Co., Alliance Global, Ayala Land, DoubleDragon, Robinsons Land, Shang Properties, Robinsons Retail, ABS-CBN, GMA-7, PLDT, Converge, PAL, SMC Food and Beverage, and SPNEC.

The unchanged stocks included Union Bank, Figaro Coffee, Emperador, Wilcon Depot, Globe Telecom, Belle Corp., Metro Retail, and Haus Talk.