PSE Index Edges Up Amid Foreign Investor Exodus

The Philippine Stock Exchange (PSE) index saw a modest rise on Tuesday, driven by bargain hunting, although foreign investors continued to exit the market.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 31, 2023

During the first day of the shortened trading week, the index closed at 5,973.78 points, up by 11.79 points or 0.20 percent.

In the sectoral breakdown, financials saw a 0.39 percent increase, holding firms rose by 0.08 percent, services went up by 0.12 percent, and property surged by 1.08 percent. On the flip side, industrials and mining and oil sectors declined by 0.66 percent and 0.64 percent, respectively.

Notable declines were observed in Jollibee Foods, which lost 2.01 percent to P205, down by P4.20, and Universal Robina, which decreased by 70 centavos to P109.30, leading the decline in the industrials.

In the mining and oil sector, Semirara Mining saw a loss of 3.49 percent to P29, down by P1.05, and Global Ferronickel declined by 3 centavos to P2.52, spearheading the drop.

Foreign investors continued to exit the market, with foreign buying amounting to P2.43 billion and foreign selling reaching P2.85 billion, resulting in a net foreign selling of P415.8 million.

The appeal of better returns from the US financial market contributed to foreign investors' departure. Value turnover amounted to P4.09 billion, which is one-third lower than the average trade, with 94 gainers, 85 losers, and 50 shares remaining unchanged.

The trading session was mixed, with BDO Unibank, the most active stock, decreasing by one peso to P127.50 on trades amounting to P455 million. In contrast, Bank of the Philippine Islands (PI) went up by 1.62 percent or P1.60 to P100.50 on trades of P406 million, making it the second most active stock.

Other notable gains included Metrobank, which increased by 30 centavos to P52.30, Security Bank, which rose by P2.05 to P77, and PNB, up by 26 centavos to P18.06.

Among the gainers were Ayala Land, up by P1.05 to P27.85, ICTSI, up by P1.70 to P201.20, Meralco, up by P2.80 to P355, Ayala Corp, up by P2.50 to P605.50, Aboitiz Power, up by 90 centavos to P35.95, Nickel Asia, up by 10 centavos to P5.45, Philex Mining, up by 1 centavo to P2.91, and Puregold, up by 20 centavos to P27.10.

On the other hand, the losers included market bellwether SM Investments, down by P4.50 to P801, Global Ferronickel, down by 3 centavos to P2.52, GT Capital, down by P3 to P549, Globe Telecom, down by P9 to P1,760, PLDT, down by P17 to P1,210, Dito CME, down by 15 centavos to P2.83, and Aboitiz Equity, down by 60 centavos to P45.80. SM Prime remained unchanged at P30.

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