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  • Writer's pictureBy The Financial District

PSE Index Edges Up Slightly On Profit-Taking

The Philippine Stock Exchange (PSE) index edged up slightly Thursday on profit-taking, consequently seeing mixed results for the sub-indices.

The Philippine Stock Exchange (PSE) Index, April 25, 2024

Foreign selling subsided, but locals failed to make up for the shortfall, resulting in the index closing with the smallest of gains, up by 2.13 points to 6,574.88 points, an increase of 0.03 percent.

Investors quickly cashed in on their gains as the index opened higher.

Globe Telecom reached P1,750 before closing at P1,730, a decrease of 17 centavos. SM Prime initially rose to P29.30 from an opening of P28.95 but later dropped to P28.25, closing 35 centavos lower.

Ayala Land opened up by 40 centavos but later fell to P28.45, closing unchanged.

Foreign buying amounted to P2.07 billion, while foreign selling totaled just P1.997 billion, resulting in a net foreign buying of P127 million, the first time in more than two weeks.

However, there was a slack in trades from local investors due to the lack of catalysts to propel the market, with the Bangko Sentral's move on interest rates still pending, awaiting that of the US Fed, which is now expected to possibly defer its projected interest rate adjustments.

Financials rose by just 0.19 percent, industrials by 0.66 percent, holding firms by 0.14 percent, and mining and oil by 2.74 percent, while services lost 0.19 percent and property declined by 0.61 percent.

Value turnover decreased by 40 percent to P3.9 billion from its average trades, with 104 gainers, 83 losers, and 50 shares remaining unchanged.

Analysts anticipate the market to maintain a sideways bias due to the perceived lack of interest from local investors.

Market bellwether SM Investments gained 50 centavos to reach P947.50, while gold stocks also performed well due to the uptick in gold prices amidst geopolitical tensions in the Middle East.

Apex Mining, Atlas Mining, and Philex Mining rose, along with Cemex Holdings, SSI Group, BDO Unibank, Meralco, LT Group, PNB, Security Bank, EastWest Bank, ACEN Corp., Alternergy, Aboitiz Power, DMC Holdings, Manila Water, Jollibee Foods, Shakey's Pizza, JG Summit, Axelum, Robinsons Land, Roxas and Co., Belle Corp, Ayala REIT, ABS-CBN, Cebu Pacific, and PAL.

The losing stocks included ICTSI, Digiplus, Bank of PI, Metrobank, Union Bank, Basic Energy, First Gen, Synergy Grid, SPNEC, Abacore, Megawide, Figaro Coffee, Aboitiz Equity, San Miguel, Alliance Global, AgriNurture, Prime Media, GMA7, and Puregold.

SMC Food and Beverage, Cosco Capital, Petron, Citicore REIT, Century Property, and Fruitas Holdings closed unchanged.


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