PSE Index Within Target Of 7,000-Point Level

The Philippine Stock Exchange (PSE) index today moved to within sight of the 7,000-point level closing at 6,965.51 points, up by 85.92 points or 1.25 percent as investors entered the market.

The Philippine Stock Exchange (PSE) Index, March 13, 2024

Consequently, market bellwether SM Investments hit a new high but later retreated following profit-taking. Even second-liners also surged to new highs as reports on year-end financials are awaited.

SM surged to P1,005 before retreating to  P 992, up by P9 while second-liner DigiPlus Interactive, a gaming firm, closed beyond its 52-week high at P8.96, up by 65 centavos on speculation on a robust earnings report.

Also hitting new highs were Premium Leisure Corp which is set to be acquired by Belle Corp and with plans at a tender offer on voluntary listing.

Market traders have been agog over the index puncturing the 7,000-point level and bumping the index's resistance level at 7,100 points. Technical analysts or chartists thus see momentum going forward for blue chips with all the sub-indices in the green at the close, with mining and oil overcoming its losing posture 15 minutes before the bell.

Financials rose by 1.74 percent, industrial by 0.52 percent, holding firms by 0.81 percent, services by 0.90 percent, mining and oil by 0.29 percent, and property by 2.03 percent.

Global port operator ICTSI emerged as the most active with P874 million in trades as it closed P316, up by P7 although it had a high of P322 while Ayala Land gained P1.40 or 4.33 percent to P33.70 but was  5 centavos up at its high.

SM Prime hit a high of P32.20 before closing at P32.05, for a 45-centavo gain, while PLDT lost its footing, down by P10 to P1,390 although it had a high of P1.403.

Value turnover was above average at P6.47 billion with 119 gainers, 71 losers, and 52 shares unchanged. Net foreign buying amounted to P506 million on foreign buys of P3.269 billion and foreign sells of P2.762 billion. 

Among the gainers were GT Capital, Jollibee Foods, Converge, JG Summit, Aboitiz Power, Ayala Corp., PNB, Alliance Global, Megawide, DMC Holdings, Bloomberry, Semirara Mining, Monde Nissin, Meralco, Manila Water, Century Properties, BDO Unibank, Bank of PI, Metrobank, and Atlas Mining.

Unchanged were Dito CME, Globe Telecom, Nickel Asia, Robinsons Land, SPNEC, Ayala REIT, Petron, Axelum, and Abacore Capital.

The losers included San Miguel, Figaro Coffee, ACEN Corp., Basic Energy, Puregold, Robinsons Retail, Alternergy, SMC Food and Beverage, Cebu Air, AgriNurture, and Emperador.

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