PSE Index Stays Green

The Philippine Stock Exchange (PSE) index closed just a point shy of its highest price point, ending Tuesday at 6,556.66 points, up by 27.23 points or 0.42 percent.

The Philippine Stock Exchange (PSE) Index, July 9, 2024

Despite a brief dip below a milestone level, the index recovered, with gains in holding firms, services, property, and industrial sectors by the close.

Financials declined due to a drop in BDO Unibank's share price, with trades amounting to P701 million, while other bank stocks posted gains. The mining and oil sector also fell by 0.14 percent.

However, value turnover was 11 percent higher than average, at P6.74 billion. There were 97 gainers, 90 losers, and 56 shares unchanged.

Net foreign selling amounted to P16.76 million, with foreign buying at P4.38 billion and foreign selling at P4.40 billion, as foreign investors took advantage of market opportunities.

Port operator ICTSI saw a P5 increase, reaching P360, while market bellwether SM Investments experienced volatility, ranging from a low of P841 to a high of P863.50, influenced by foreign investors' trades.

There were two block trades exceeding a billion pesos. Jollibee Foods emerged as the most active stock, with P744 million in trades, though it declined by P2.20 to P230.80.

Analysts remain optimistic, noting that a potential interest rate cut by the Bangko Sentral in August provided the market with trading momentum, resulting in above-average turnover for the first time in two weeks.

Among the gainers were Ayala Land, SM Prime, Bank of the Philippine Islands, Metrobank, Universal Robina, EastWest, Security Bank, PNB, DoubleDragon, Cebu Air, MacroAsia, Belle Corp., Citicore, First Gen, Century Food, Axelum, Megawide, Abacore, Alliance Global, Cosco Capital, DMCI Holdings, San Miguel, Haus Talk, Dito CME, Nickel Asia, Boulevard Holdings, and AgriNurture.

Losers included ACEN Corp., Ayala Corp., Basic Energy, Semirara Mining, Shell Pilipinas, Emperador, Monde Nissin, Roxas and Co., PAL, DigiPlus, Robinsons Land, Bloomberry, and Puregold.

Unchanged stocks were Union Bank, Alternergy, D&L Industries, CEMEX Holdings, ABS-CBN, Figaro Coffee, Apex Mining, and Atlas Mining.