PSE Index Sees Marginal Increase As It Holds Its Ground

The Philippine Stock Exchange (PSE) index experienced a slight uptick today, closing at 6,913.21 points, marking an increase of just 10.06 points or 0.15 percent, following an initially promising start that brought it close to the coveted 7,000-point mark.

The Philippine Stock Exchange (PSE) Index, February 23, 2024

However, profit-taking activities dampened the anticipated bullish sentiment, leading to declines in holding firms, property, and mining and oil sectors by the closing bell.

Despite all six sub-indices showing gains prior to the market recess, holding firms initially saw a rise of 0.96 percent before ending the session with a decrease of 0.33 percent.

Financials concluded the day with a 0.23 percent increase, industrials rose by 0.55 percent, and services edged up by 0.34 percent, while mining and oil declined by 0.86 percent, and property slipped by 0.40 percent.

However, just before the market recess, the index stood at 6,980.60 points, with the property sector up by 1.05 percent and the mining and oil sector up by 0.31 percent.

Among the gainers were Ayala Land, Metrobank, Universal Robina, Bank of the Philippine Islands (BPI), Premium Leisure, ICTSI, GT Capital, Security Bank, Meralco, First Gen, Semirara Mining, Aboitiz Equity, Robinsons Land, Axelum, Emperador, and PAL Holdings.

On the losing side were market bellwether SM Investments, Converge, BDO Unibank, Ayala Corp, PNB, Manila Water, Monde Nissin, Bloomberry, Globe Telecom, and PLDT. Meanwhile, unchanged stocks included SMC Food and Beverage, Albacore Capital, Ginebra, Figaro, and Megawide.

Total value turnover reached P4.53 billion, with 98 gainers, 73 losers, and 51 shares remaining unchanged. Foreign buying amounted to P1.84 billion, while foreign selling reached P1.78 billion, resulting in a net buying of P60 million.

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