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PSE Index Bounces Back on Bargain Hunting
- By The Financial District
- Jan 28
- 2 min read
The Philippine Stock Exchange (PSE) index on Tuesday rose a level on bargain hunting to 6,306.90, up by 33.03 points or 0.53 percent, although the close was its intra-day low, signifying a lack of strong investor commitment to the market.
The sub-indices ended mixed, with financials down by 0.65 percent, mining and oil declining by 1.54 percent, and property down by 0.64 percent, as top developers Ayala Land and SM Prime both ended the day in the red.
Ayala Land fell by 0.93 percent to P21.40, while SM Prime slipped by 0.44 percent to P22.45.
Meanwhile, services gained 1.37 percent, industrials rose by 0.23 percent, and holding firms advanced by 1.37 percent.
Market bellwether SM Investments gained 1.56 percent to P716, although it had a volatile run, hitting a low of P705 and a high of P725.
The market remains weak, with many blue chips ending lower despite foreign investors posting hefty net buying of P7.4 billion, with foreign buying at P12.415 billion and foreign selling at P5.008 billion.
Value turnover amounted to P15.84 billion, of which P6.8 billion was accounted for by block sales in Robinsons Commercial totaling P6.8 billion.
ICTSI provided a boost to the services sector, rising by 2.48 percent to P619.50 on total trades of P1.73 billion. Bloomberry also posted a strong gain of 4.89 percent to P2.79, helping offset weakness in DigiPlus, which fell by 4.31 percent to P13.76.
Other notable gainers included Atlas Mining, which rose by 4.42 percent to P8.50, and Ayala Corp., which gained 3.62 percent to P529.
There were 85 gainers, 112 losers, and 61 unchanged issues, including PSE, Ginebra, Abacore, Aboitiz Equity, Meralco, DITO CME, Semirara Mining, and AgriNurture.
Among the gainers were Dominion Holdings, Shell Pilipinas, Alsons, SPNEC, and ABS-CBN, while the losers included SM Prime, Ayala Land, BDO Unibank, Bank of the Philippine Islands, Monde Nissin, Universal Robina, Puregold, and Wilcon Depot.
