PSE Index Up On Foreign Buying

The Philippine Stock Exchange (PSE) index recovered lost ground Tuesday, surging to 6,724.82 points, up by 44.25 points or 0.66 percent, with only the financials sector losing steam.

The Philippine Stock Exchange (PSE) Index, December 11, 2024

Net buying from foreign investors buoyed the market, which had been see-sawing below its support level.

Foreign buying came in strong after the index hit a low of 6,648.24 points, pushing market bellwether SM Investments from a low of P882 to a high of P910 before closing at P900, up by P20.

Foreign buying totaled P3.684 billion against foreign selling of P2.341 billion, resulting in net foreign buying of P1.343 billion. Market analysts observed the entry of local investors into the market, as value turnover reached P8.54 billion, indicating a significant P2.5 billion contribution from locals.

Except for financials, which declined by 0.40 percent, all other sub-indices posted gains: holding firms rose by 1.08 percent, industrials by 0.58 percent, services by 0.77 percent, and mining and oil by 1.32 percent.

There were 88 gainers, 97 losers, and 59 unchanged shares. Among the unchanged stocks were Ayala Land, Belle Corp., SPNEC, Century Food, Fruitas Holdings, Keepers, Globe Telecom, JG Summit, Cosco Capital, RFM, Abacore, DoubleDragon, and LT Group.

Notable gainers included SM Prime, Universal Robina, Semirara Mining, Citystate Savings, Shell Pilipinas, GMA-7, Philweb, Wilcon Depot, Philex Mining, PXP Energy, PAL, Aboitiz Power, Meralco, Manila Water, Synergy Grid, Megawide, Century Property, Puregold, Atlas Mining, Oceana Gold, MRC Allied, Ayala Corp., Jollibee Foods, Petron, and D&L Industries.

On the other hand, the decliners included AREIT, Bank of the Philippine Islands, Dito CME, China Bank, Metrobank, PNB, First Gen, Union Bank, Figaro Coffee, Cemex Holdings, GT Capital, PLDT, Cebu Air, Nickel Asia, Bloomberry, Robinsons Land, Ginebra, ACEN Corp., Alternergy, Basic Energy, Citicore REIT, Citicore Renewable Energy Trust, Converge, DigiPlus, SMC Food and Beverage, Emperador, and AgriNurture.