By The Financial District
Dec 14, 20232 min
The Philippine Stock Exchange (PSE) index experienced a significant surge, reaching two milestones higher for the first time in over two years.
The Philippine Stock Exchange (PSE) Index, December 14, 2023
The index closed at 6,410.48 points, marking a gain of 154.74 points or 2.47 percent, as reported.
This positive momentum was accompanied by an above-average value turnover and a notable increase in the number of gainers compared to losers. Gainers outnumbered losers for the first time in over two years, with 120 gainers, 59 losers, and 44 shares remaining unchanged.
Despite a net foreign selling of P367 million, foreign buys amounted to P3.28 billion, and foreign sells totaled P3.6 billion. The total trades for the day reached P6.776 billion, nearly a million more than average.
Market bellwether SM Investments showed a notable increase of 5.17 percent, reaching P875, contributing to the 3.83 percent hike in the holding firms, making it the biggest gainer among the sub-indices.
Other notable gains were observed in Aboitiz Equity, Ayala Corp, Alliance Global, JG Summit, and GT Capital.
Market analysts expressed optimism, suggesting the possibility of a Christmas rally. While the services sector posted a loss of 0.40 percent, notable gains were observed in other sectors, with financials up by 1.64 percent, industrial by 1.54 percent, property by 1.52 percent, and mining and oil by 0.65 percent.
Key stocks in the telecommunications and technology sectors also showed positive movement, with Globe Telecom, PLDT, and Converge experiencing gains.
Financials, industrials, and property sectors also contributed to the overall positive trend. Notably, SM Prime achieved a new high, closing at P34.15, while Ayala Land and Robinsons Land also recorded gains.