PSE Index Swings Higher After Solid Pullback

The Philippine Stock Exchange (PSE) index saw a slight increase after a healthy pullback, swinging up to the coveted 7,000-point level.

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

Holding firms and property sub-indices rescued the market as it closed at 6,967.96 points, up by 0.04 percent.

Market analysts anticipate the index testing the new level as the value turnover rose 30 percent above average, reaching trades of P7.91 billion. Market bellwether SM Investments hit a new high of P1,005 before closing at p995, up by P3 for the second consecutive day.

Holding firms rose by 0.41 percent, and property by 0.48 percent. Financials decreased by 0.21 percent, industrials lost by 0.63 percent, services declined by 0.25 percent, and mining and oil dropped by 2.18 percent.

7-Eleven emerged as the most active with trades of P981.9 million, consisting of a block sale facilitated through a cross-sale by Deutsche Regis involving a transfer of ownership from one foreign entity to another.

Total foreign buying amounted to P5.545 billion, while foreign selling reached p4.914 billion, resulting in net foreign buying of P630 million. There were 84 gainers, 119 losers, and 41 shares unchanged.

Among the gainers were SM Prime, Ayala Land, Metrobank, Bank of the Philippine Islands (BPI), PLDT, Union Bank, Basic Energy, Alternergy, Figaro Coffee, Jollibee Foods, Abacore Capital, Ayala Corp, Alliance Global, JG Summit, Top Frontier, LT Group, Globe Telecom, Cebu Air, Bloomberry, Digiplus, and Atlas Mining.

The losers included BDO Unibank, ICTSI, Universal Robina, Aboitiz Power, Meralco, Ginebra, Monde Nissin, Axelum, Emperador, GT Capital, DoubleDragon, Converge, DITO CME, and PAL.

Unchanged stocks included ACEN Corp, Filinvest, Petron Corp, Semirara Mining, SPNEC, Phil Seven, and Synergy Grid.

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