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Writer's pictureBy The Financial District

PSE Index Bucks Profit-Taking To Rise Further

The Philippine Stock Exchange (PSE) index breached the 7,000-point level but closed lower due to profit-taking, though it still ended with a gain at 6,944.76 points, up by 54.89 points or 0.80 percent.


The Philippine Stock Exchange (PSE) Index, August 20, 2024



The sub-indices had mixed performances, while foreign investors were once again net buyers in another day of hefty trades.


Financials, Services, and Holding Firms gained 2.54 percent, 2.14 percent, and 0.22 percent, respectively, while Industrials lost 0.83 percent, Mining and Oil dropped by 0.26 percent, and Property declined by 0.84 percent.



Value turnover amounted to P8.08 billion, up by a third from the average volume, as foreign trades accounted for P6.9 billion.


Foreign buying hit P4.506 billion, while foreign selling stood at P2.449 billion, resulting in net foreign buying of P2.05 billion, a record of sorts in the market.


ICTSI emerged as the most active stock with P1.46 billion in trades, hitting a new high to close at P412, up by P16 or 4.04 percent. BDO Unibank was the second most active, with P1.23 billion in trades, reaching a new record of P152.80.



Market bellwether SM Investments was also up by P5 to P930. There were 89 gainers, 120 losers, and 51 unchanged shares.


The index reached a new milestone high at 7,005.27 points, its resistance level, but fell to 6,930.80 points as investors pocketed their gains, before closing slightly higher.


Among the gainers were Ayala Land, Metrobank, Bank of the Philippine Islands, Ayala Corp, Universal Robina, China Bank, Alternergy, Aboitiz Power, Aboitiz Equity, GT Capital, ABS-CBN, and Converge.



Also up were Ginebra, Petron, AgriNurture, SMC Food and Beverage, Shakey's Pizza, Philex Mining, Nickel Asia, SSI Group, Bloomberry, Belle Corp, Megaworld, Cosco Capital, MRC Allied, and Cebu Air.


The losers included SM Prime, Jollibee Foods, PNB, PSE, ACEN Corp., First Gen, Meralco, Manila Water, Semirara Mining, Synergy Grid, SPNEC, Century Pacific Food, Shell Pilipinas, and D&L Industries.



Emperador, CEMEX Holdings, Abacore, Alliance Global, DMCI Holdings, LT Group, PAL, GMA-7, Wilcon Depot, Figaro Coffee, and DoubleDragon also ended the day in the red. Those unchanged were Union Bank, Basic Energy, Axelum, Apex Mining, JG Summit, Citicore REIT, San Miguel, and Haus Talk.




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