PSE Regains Milestone Level

The Philippine Stock Exchange (PSE) index today regained a milestone level on bargain hunting, setting its sights once again on the elusive 7,500-point target.

The Philippine Stock Exchange (PSE) Index, November 5, 2024

All sub-indices posted remarkable gains despite net foreign selling, with the index closing the day at its highest point, 7,257.94, up by 121.84 points or 1.71 percent. Market bellwether SM Investments rose by PHP3 to PHP962 as property stocks recorded a substantial 3.38 percent increase.

Financials gained 1.73 percent, industrials rose by 1.45 percent, holding firms increased by 0.63 percent, services advanced by 0.65 percent, and mining and oil saw a slight uptick of 0.02 percent.

BDO Unibank emerged as the most active stock, with PHP573 million in trades, as it climbed by 2.97 percent to PHP156, up by PHP4.50.

Following closely was Ayala Land, which gained 4.55 percent to reach PHP34.50. Bank of the Philippine Islands had PHP271 million in trades, rising by PHP1.80 to PHP143.50, or a 1.27 percent increase.

Net foreign selling amounted to PHP58 million, with foreign buying totaling PHP2.499 billion and foreign selling at PHP2.557 billion.

Total value turnover was PHP4.97 billion, with 115 gainers, 89 losers, and 52 unchanged shares. Analysts noted that uncertainty surrounding the outcome of the U.S. elections kept some investors on the sidelines.

Among the gainers were ICTSI, Ayala Corp., Metrobank, Dito CME, Lepanto A, Philodrill, Oriental Petroleum A, Ayala Logistics, Aboitiz Equity, Integrated Microelectronics, LT Group, MRC Allied, Globe Telecom, and PLDT.

Following suit were Atlas Mining, Nickel Asia, OceanaGold, Philex Mining, Shell Pilipinas, Manila Water, Semirara Mining, Jollibee Foods, Security Bank, Figaro Coffee, Universal Robina, Alliance Global, Robinsons Land, SM Prime, and DigiPlus.

The decliners included Union Bank, China Bank, SPNEC, Axelum, AgriNurture, SMC Food and Beverage, Century Pacific Food, DMCI Holdings, San Miguel Corp., DoubleDragon, Apex Mining, Bloomberry, SSI Group, Boulevard Holdings, Megaworld, Cebu Air, Philippine Airlines, and Monde Nissin.

Unchanged stocks included ACEN Corp., Alternergy, Aboitiz Power, Basic Energy, Fruitas, Citicore REIT, Citicore Energy REIT, Belle Corp., Ginebra San Miguel, and STI Holdings.