PSE Index Within Reach Of Resistance Level

The Philippine Stock Exchange (PSE) index approached its resistance level today as local investors seized the opportunity to acquire shares that foreign investors were offloading, boosting enthusiasm for the market.

The Philippine Stock Exchange (PSE) Index, January 24, 2024

The index closed up by 58.08 points or 0.88 percent at 6,679.96 points.

BDO Unibank, the most actively traded stock with a volume of P675 million, along with SM Prime and Ayala Land, and market bellwether SM Investments were the favored choices, each posting gains above 1 percent.

Except for Universal Robina, which remained unchanged after several days of losses, all of the top 10 traded stocks experienced an increase.

Analysts anticipate the resistance level at 6,700 points to be breached, as local investors outpaced foreign buyers in selecting blue-chip stocks, despite the announcement from the Bangkok Sentral that it will not cut rates next month.

The total value of trades reached P5.6 billion, with 90 gainers, 86 losers, and 65 shares remaining unchanged.

Foreign investors were net buyers, contributing P341 million, as second-liners, notably Bloomberry, reached a recent high at P10.76, marking a 3.07 percent increase. Other gainers included Bank of PI, ACEN Corp, Synergy Grid, Jollibee Foods, ICTSI, and GT Capital.

Among the losers were Nickel Asia, SPNEC, JG Summit, Meralco, ABS-CBN, Globe Telecom, San Miguel, Emperador, and PNB, while unchanged stocks included Metrobank, Megaworld, DITO CME, and Robinsons Land.

In terms of sectors, financials rose by 1.49 percent, holding firms by 0.74 percent, industrial by 0.35 percent, property by 0.84 percent, and services by 0.54 percent. However, mining and oil declined by 0.93 percent.

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