PSE Index Achieves A Milestone Level

The Philippine Stock Exchange (PSE) index rose to a milestone level today, driven by continued bargain hunting as investors responded to the expected pause in the Bangko Sentral ng Pilipinas' interest rate decision.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 22, 2023

This move followed cues from the US Federal Reserve, which is still awaiting further economic signals regarding inflation before deciding to raise its rates, aiming to boost confidence in the market.

The PSE index gained 48.08 points, reaching 6,142.79 points, up by 0.79 percent.

All six sub-indices experienced gains, with defensive stocks, such as utility firms, rising while some blue chips remained flat.

Financials increased by 0.52 percent, industrials by 0.55 percent, holding firms by 0.95 percent, services by 0.07 percent, mining and oil by 0.15 percent, and property by 0.88 percent.

Net foreign selling also decreased to just P57 million, with foreign buying amounting to P2.051 billion and foreign selling at P2.108 billion.

Meralco entered the list of the Top 10 most active stocks with P209 million in trades, rising by P7.20 or 1.98 percent to P371, while Manila Water increased by 1.62 percent to P17.60, a gain of 28 centavos.

However, the value turnover remained modest, with just P4.3 billion in trades. There were 94 gainers, 74 losers, and 52 shares that remained unchanged. Market bellwether SM Investments rose by P10.50 to P804, while Globe Telecom increased by P3 to P1,778.

On the other hand, PLDT lost one peso, settling at P1,154. SM Prime was the most active stock with P346 million in trades, gaining 25 centavos to reach P30.20. Century Food lost 1.25 to P29.25 due to profit-taking, dropping by 4.03 percent.

The third most active stock was Bloomberry, which lost 40 centavos or 3.64 percent, closing at P10.60 with trades amounting to P274 million.

Among the gainers were Aboitiz Power, which increased by 75 centavos to P30.75, Bank of the Philippines, up by P1.50 to P108.50, Monde Nissin, which gained 36 centavos to reach P9.17, ICTSI, up by a peso to P203.80, and JG Summit, up by 60 centavos to P36.35.

Closing out the green list were GT Capital, up by P14 to P575, Semirara Mining, up by 5 centavos to P35.05, Nickel Asia, up by 11 centavos to P5.26, Converge, up by 48 centavos to P9, Alliance Global, up by 2 centavos to P12.52, and Robinsons Land, up by 38 centavos to P14.40.

Jollibee Foods declined by 20 centavos to P226, Universal Robina lost 40 centavos, closing at P113.50, and Wilcon Depot decreased by 65 centavos to P21.25.

ACEN Corp, Metrobank, Security Bank, PNB, and Emperador all remained unchanged, respectively, at P4.70, P53.50, P74.70, P18.36, and P20.95.

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