PSE Index Cools Down

The Philippine Stock Exchange (PSE) index today appears to be cooling down with just a slight gain, closing at 6,608.36 points, up by just 4.11 points or 0.06 percent.

The Philippine Stock Exchange (PSE) Index, May 14, 2024

This was its highest price point as investors cashed in their gains, causing the index to fall below its milestone level to 6,587.89 points.

Saving the day for the market was the rise in the index-heavy holding firms, which increased by 0.56 percent, offsetting losses in Financials (down by 0.21 percent), Industrials (down by 0.06 percent), and Services (down by 0.92 percent).

Mining and Oil, and Property also rose by 0.56 percent and 0.97 percent, respectively.

Market bellwether SM Investments, together with San Miguel and Ayala Corp, posted gains that nudged the holding firms sub-index as the market cooled down after Monday’s explosive rise.

Investors are now awaiting the move of the US Federal Reserve on interest rates, which affect the market.

Value turnover amounted to P4.91 billion, with 94 gainers, 98 losers, and 39 shares unchanged. There was net foreign selling of P158 million on foreign buying of P2.274 billion and foreign selling of P2.243 billion.

Among the gainers were SM Prime, Ayala Land, Globe Telecom, DigiPlus, Jollibee Foods, Security Bank, Union Bank, PNB, Metrobank, Bank of PI, Cebu Air, PAL, Nickel Asia, Megaworld, Monde Nissin, Meralco, Manila Water, and Converge.

The losers included BDO Unibank, ICTSI, Universal Robina, Alternergy, Aboitiz Power, Megawide, Citicore Capital, AgriNurture, GT Capital, AbaCore, Aboitiz Equity, and Roxas and Co.

Unchanged were ACEN Corp, Petron, Figaro Coffee, Ayala REIT, SSI Group, Apex Mining, and Philex Mining.