PSE Index Soars To Milestone Level

The Philippine Stock Exchange (PSE) index today climbed to a new milestone level, driven by a surge in foreign trades.

The Philippine Stock Exchange (PSE) Index, August 14, 2024

All six sub-indices moved into positive territory, with the index closing 54.52 points higher, up 0.82 percent, to reach 6,704.96 points.

Foreign trades accounted for ₱6.09 billion out of the total value turnover of ₱6.95 billion, which is 15 percent above the average, as net foreign buying hit ₱457 million. Foreign buying totaled ₱3.273 billion, while foreign selling amounted to ₱2.816 billion.

The index reached its highest point during the recess at 6,723.11 points, but profit-taking later reduced the gains.

Higher second-half earnings among blue-chip companies contributed to the index's rise. DigiPlus hit a new record high of ₱19.86, boosted by strong earnings from its internet gaming business, while telcos Converge and Globe Telecom also saw higher share prices.

Jollibee Foods was the most active stock, with ₱517 million in trades, rising by 2.98 percent to ₱241.60, up ₱7, followed by ICTSI, which gained ₱2 to close at ₱369.

The property sector continued to perform strongly, with Ayala Land and SM Prime adding ₱0.70 and ₱0.60 to their share prices, respectively.

The property index rose by 1.69 percent, industrials were up by 1.38 percent, holding firms increased by 0.80 percent, services edged up by 0.06 percent, mining and oil climbed by 1.44 percent, and industrials also rose by 1.38 percent.

There were 98 gainers, 105 losers, and 54 unchanged shares.

Among the losers were market bellwether SM Investments, as well as PLDT, China Bank, PNB, Union Bank, PSE, Alternergy, Basic Energy, Semirara Mining, SPNEC, Shell Pilipinas, Petron, AgriNurture, Axelum, Century Pacific Food, Roxas and Co., LT Group, Bloomberry, DoubleDragon, and Dito CME.

Unchanged stocks included Wilcon Depot, CEMEX Holdings, Megawide, Cebu Air, Cosco Capital, GMA-7, Belle Corp, and Philex Mining.

The gainers were Ayala Corp., BDO Unibank, MacroAsia, MRC Allied, ABS-CBN, Ginebra, Monde Nissin, GT Capital, Apex Mining, Atlas Mining, Nickel Asia, Haus Talk, JG Summit, Universal Robina, Synergy Grid, Citicore REIT, ACEN Corp., Meralco, Manila Water, Figaro Coffee, Puregold, Megaworld, Robinsons Land, D&L Industries, and Aboitiz Power.