PSE Index Climbs Back Up

The Philippine Stock Exchange (PSE) index climbed back up to 6,507.78 points, a gain of 56.94 points or 0.88 percent as investors plucked bargains resulting in the gainers ahead of losers, 97 to 82 with 51 shares unchanged.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 7, 2023

The prospects for a rise in the Bangko Sentral interest rate looms and economic headwinds are seen with rice prices expected to go up on the back of higher import prices due to the Indian and Vietnam pause on exports.

Foreign investors bought lower-priced stocks resulting in net foreign buying of P399 million as local investors remained bewitched by the August ghost month. Total foreign trades amounted to P2.7 billion with the locals accounting for just P500 million for a P3.2 billion total, almost half of average trades.

With the exception of the property sub-index which declined by 0.83 percent, all others posted gains with the financials up 0.35 percent, industrials by 1.37 percent, holding firms by 1.07 percent, services by 2.00 percent and mining and oil by 0.55 percent.

BDO Unibank was unchanged at P141 emerging as the most active with trades of P344 million, of which P75 million were foreign selling, followed by SM Prime, which lost 2.21 percent to P33.25, down by 75 centavos as foreign investors were net sellers to the tune of P113 million out of its trades of P205 million.

Third most active was market bellwether SM Investments with trades of P196 million that includes net foreign selling of P39 million as it closed P7 down to P901.50.

Telco stocks PLDT, Globe Telecom, and Converge were up respectively by P29 to P1,304, P64 to P1,875, and 6 centavos to P9.06.

PLDT had trades of P61 million, of which P15 million were net foreign selling, while Globe had trades of P80 million and net foreign selling of P7 million and Converge had net foreign selling of P34 million out of trades of P94 million.

Another gainer today was San Miguel which went up by 6.29 percent to P103.10, a gain of P6.10 on trades of P50.3 million with net foreign selling of P26 million.

Among the gainers were ICTSI, up by P6 to P208, Ayala Land up by 30 centavos to P28.70, Universal Robina, up by P3.60 to P124.40 with net foreign buying of P96 million of its P146 million total trades, Ayala Corp up by P17 to P624 on trades of P139 million with net foreign buys of P76 million.

Monde also rose by 50 centavos to P8 Meralco by P15 to P340, JG Summit by P1.70 to P40.70, Metrobank by P2 to P57 with net foreign buying of P16 million out of its value turnover of P87 million, and Megaworld, up by 6 centavos to P2.10 with trades of P74 million that included a net foreign selling of P1 million.

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