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PSE Index Closes July Down On Profit-Taking
- By The Financial District
- Jul 31, 2023
- 2 min read
The Philippine Stock Exchange (PSE) index today declined by 33.79 points or 0.51 percent to 6,591.47 points on late profit-taking activity that saw blue chips close at their lowest price point after enjoying a brief stab at higher prices.
Photo Insert: The Philippine Stock Exchange (PSE) Index, July 31, 2023
The subsequent entry of foreign investors saw the index about to hit 6,800 points only to succumb to investors locking in their gains.
Value turnover amounted to P20.06 billion with three-fourths of that arising from the block sale of Rizal Commercial Bank's treasury shares that resulted from the merger of RCBC and RCBC Savings Bank.
The treasury shares were sold at P71 per share to Sumitomo Mitsui Banking Corp., the banking arm of the Sumitomo Mitsui Financial Group of Japan. There were 83 gainers, 84 losers, and 64 shares unchanged.
ICTSI emerged as the most active stock with P321 million as it gained P6 to P217 for a 2.84 percent hike while SM Prime was the second most active stock with P312 million as it closed 45 centavos lower to P33.40, though the high of P34.25.
Third most active was BDO Unibank which lost P1.90 to P145.10 though it went as high as P149.50 even with net foreign selling of P31 million.
Net foreign buying amounted to P14 billion, resulting in the blue chips rising higher until the profit-takers came in.
Ayala Corp closed P9.50 lower to P615 but it hit a high of P629, Ayala Land went down by 10 centavos to P27.40 but went up to as high as P27.95, market bellwether SM Investments declined to P912, down by P6 but it hit a high of P931, Jollibee Foods gained P3 to P255 but had a high of P260.40, Universal Robina, which saw a high of P126.50, lost P1.90 to P122.60.
Only the financials and services survived the profit-taking with an increase of 0.03 percent and 0.70 percent, respectively, while the industrials lost 0.32 percent, holding firms by 1.06 percent, mining and oil and property went down by an identical 0.46 percent.
