PSE Index Edges Up

The Philippine Stock Exchange (PSE) index edged up today, influenced by market concerns over US inflation numbers, which led to a sell-off amid speculation that the US Federal Reserve will refrain from lowering its interest rates.

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

As a result, the index increased by just 26.61 points or 0.39 percent to reach 6,854.53 points, reflecting mixed closings for the Philippine market due to the implications of US inflation numbers signaling a tightening that could impact other markets.

In specific sectors, financials rose by 0.53 percent, industrial by 0.59 percent, holding firms by 0.43 percent, and property by 0.29 percent, while services and mining and oil closed lower by 0.24 percent and 1.51 percent, respectively.

Value turnover amounted to PHP 4.7 billion, with 90 gainers, 89 losers, and 47 shares unchanged. Market bellwether SM Investments increased by PHP 12 to PHP 915, marking a 1.33 percent rise attributed to bargain hunting.

Among the gainers were BDO Unibank, Universal Robina, Ayala Land, Bank of the Philippine Islands, and SM Prime, while among the losers were ICTSI, which emerged as the most active with PHP 533 million as it declined by PHP 2 to PHP 270.

It was tracked by Ayala Corp and Jollibee Foods while Monde Nissin remained unchanged.

Analysts view these small gains optimistically, although there is still a bias for sideways movement in the market due to the expected continuation of the US Federal Reserve's hawkish stance, which could impact the stock market.

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