PSE Index Up A New Milestone Level

The Philippine Stock Exchange (PSE) index reached a new milestone level Thursday, closing at 6,507.49 points, up by 57.46 points or 0.89 percent.

The Philippine Stock Exchange (PSE) Index, July 4, 2024

This surge was driven by foreign investors picking up bargain stocks, which significantly boosted the services and financial sub-indices.

In the services sector, notable performers included ICTSI, Globe Telecom, Cebu Air, and PLDT, leading to a 1.78 percent gain. The financial sector also saw substantial growth, with BDO Unibank, Metrobank, Union Bank, and PNB pushing the sub-index up by 1.72 percent.

Foreign buying resumed with net foreign buying amounting to P463 million, based on P1.911 billion in foreign purchases and P1.43 billion in foreign sales, though trading volume remained muted at 75 percent of average trades, totaling P4.5 billion.

Market bellwether SM Investments rose with foreign investors accounting for net buying of P38 million out of its P143 million in trades.

However, the holding firms' index saw a slight decline of 0.04 percent, with JG Summit experiencing net foreign selling of P35 million out of its P88 million trades, and Ayala Corp facing P65 million in foreign selling out of its P200 million trades, along with other conglomerates posting share losses.

The mining and oil index was up by 1.11 points, while the property index gained 0.60 percent, and the industrial index was up by 0.03 percent. There were 90 gainers, 83 losers, and 62 unchanged shares.

Among the gainers were SM Prime, Aboitiz Equity, Bright Kindle, Roxas and Co., PAL, Puregold, Wilcon Depot, Apex Mining, Atlas Mining, Philweb, Oriental Petroleum, Philodrill, Converge, Megaworld, Monde Nissin, Cosco Capital, SPNEC, DNL Industries, EastWest, ACEN Corp., Alternergy, Citicore RE, SMC Food and Beverage, Jollibee Foods, GT Capital, Ayala Land, and DigiPlus.

Conversely, the losers included Security Bank, Aboitiz Power, First Gen, Meralco, Manila Water, Bloomberry, Belle Corp., Phil. Seven, Solid Group, San Miguel, Cebu Landmasters, Megawide, Steniel, Semirara Mining, Shell Pilipinas, and Keepers Holdings.

Meanwhile, Petron, Century Food, Axelum, Figaro Coffee, ABS-CBN, Dito CME, Atlas Mining, Nickel Asia, Ginebra, and Shakey's Pizza remained unchanged.