By The Financial District
Mar 212 min
The Philippine Stock Exchange (PSE) index today reached a new peak at 6,963.22 points, marking a substantial increase of 106.45 points or 1.55 percent.
The Philippine Stock Exchange (PSE) Index, March 21, 2024
This surge was largely influenced by the positive momentum in the US markets, which rallied following announcements from the US Federal Reserve regarding potential interest rate cuts.
However, the Fed stated that it is still awaiting further research on inflation trends before making any decisions.
All sub-indices experienced significant gains, with the services sector leading the way with an impressive 4.99 percent increase. Notably, port giant ICTSI emerged as the most active stock, contributing to the sector's growth with a 9.28 percent increase or P29.20.
Other sectors also saw notable gains, including financials (up by 0.45 percent), holding firms (up by 0.29 percent), industrial (up by 1.38 percent), property (up by 1.23 percent), and mining and oil (up by 0.76 percent).
Total value turnover for the day amounted to P6.33 billion, with 124 gainers, 77 losers, and 43 shares remaining unchanged. Net foreign buying reached P433 million, fueled by foreign buys amounting to P3.474 billion and foreign selling of P3.040 billion.
Market analysts anticipate that the surge in the index will continue into Friday's trading session, with hopes of reaching the coveted 7,000-point level as investors show increased interest in blue-chip stocks with substantial earnings potential.
Among the notable gainers were BDO Unibank, SM Prime, Ayala Land, Jollibee Foods, Universal Robina, Manila Water, Semirara Mining, PNB, Meralco, Globe Telecom, Bloomberry, and Converge, among others.
However, some stocks experienced losses, including Security Bank, Ayala Corp., Cebu Air, and PAL, while others remained unchanged.
Overall, the market's positive performance reflects investor confidence and optimism, driven by favorable economic indicators and global market trends.