PSE Index Surges Back To Green

The Philippine Stock Exchange (PSE) index surged again today, signaling a renewed push towards breaking the 6,700-point resistance level.

The Philippine Stock Exchange (PSE) Index, January 3, 2024

Boosted by signals from the Bangko Sentral ng Pilipinas indicating a potential decrease in interest rates and optimism from economic managers regarding growth prospects, the index closed the month with a notable increase of 24.43 points or 0.37 percent, reaching 6,646.44 points.

Key players in the property sector, Ayala Land and SM Prime, recorded significant gains, driving their sub-index to a substantial 1.92 percent increase, which offset losses in holding firms and industrial sectors.

Ayala Land saw a notable rise of 3.33 percent to P34.10, while SM Prime gained 1.63 percent to P34.25.

Financials, services, and mining and oil sectors also saw modest increases, while holding firms and industrial sectors experienced slight declines.

Port operator ICTSI emerged as the most active stock, with trades totaling P988 million and a 1.5 percent increase to P243. However, market bellwether SM Investments declined by 2.49 percent to P900.

BDO Unibank also saw significant activity, ranking third in terms of trading volume with P616 million in trades and a 1.12 percent increase to P145.

Total value turnover reached P6.7 billion, with 99 gainers, 78 losers, and 55 shares remaining unchanged. Foreign investors showed interest, with foreign buying amounting to P3.69 billion and foreign selling reaching P3.44 billion, resulting in a net foreign buying of P256 million.

Notable gainers included Ayala Corp, Digiplus, Bank of PI, Metrobank, Century Food, Emperador, SMC Food and Beverage, Ginebra, Aboitiz Equity, Aboitiz Power, Basic Energy, Alliance Global, Nickel Asia, Benguet A, Philex Mining, Axelum, Manila Water, First Gen, GT Corp., Monde Nissin, and Robinsons Land.

Conversely, Jollibee Foods, Universal Robina, PNB, Security Bank, ACEN Corp., Meralco, Figaro coffee, Ionics, San Miguel, PLDT, Semirara Mining, AgriNurture, Abacore Holdings, and JG Summit were among the losers, while stocks such as Cebu Air, Union Bank, Synergy Grid, and Megaworld remained unchanged.

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