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Writer's pictureBy The Financial District

PSE Index Ekes Out Gain In Face Of Persistent Foreign Selling

The Philippine Stock Exchange (PSE) index closed Monday at 6,652.49 points, up by just 36.94 points or 0.56 percent as the property sub-index stumbled after the market recess, with foreign investors again selling more than what they bought.


The Philippine Stock Exchange (PSE) Index, May 6, 2024



After briefly reaching 6,683.71 points with all sub-indices in the green, the index declined as property giants Ayala Land and SM Prime both ended the day with identical declines of 5 centavos, closing at P26.80 and P27.35 respectively, after hitting highs of P27.40, and P28.05.


Market bellwether SM Investments, which emerged as the most active with P552 million, rose by P2.50 to P944.50, although its top price point was P1 higher.



Analysts noted that the low value turnover of P4.13 billion, a third lower than average, was due to the waiting game for announcements on interest rates by the US Fed as well as other countries that are expected to affect the price-setting meeting of the Bangko Sentral ng Pilipinas a week later.


The BSP is expected to hold the rate steady with the inflation spike seen as a result of the surge in rice prices.



Financials rose by 0.32 percent, industrial by 1.30 percent, holding firms by 0.35 percent, services by 1.25 percent, and mining and oil by 1.15 percent. Property declined by 0.02 percent.


There were 112 gainers, 74 losers, and 50 shares unchanged.



Among the gainers were ICTSI, DigiPlus, Universal Robina, Puregold, Union Bank, AgriNurture, Robinsons Land, Cebu Air, PLDT, Nickel Asia, Abacore, PNB, Bank of the Philippine Islands, Aboitiz Power, Alternergy, Meralco, Manila Water, ABS-CBN, Belle Corp., and Bloomberry.


Atlas Mining, Philex Mining, Apex Mining, Globe Telecom, Dito CME, Ginebra, Monde Nissin, Roxas and Co., Semirara Mining, Synergy Grid, SMC Food and Beverage, GT Capital, JG Summit, and Cebu Landmasters also gained.



The losers were Metrobank, ACEN Corp., Basic Energy, First Gen, Megaworld, Petron, Axelum, Century Food, Emperador, GMA 7, Aboitiz Equity, and Cosco Capital, while those unchanged were BDO Unibank, Jollibee Foods, Security Bank, SPNEC, D&L Industries, Converge, Megawide, Ayala Corp., DMC Holdings, and LT Group.


Net foreign selling amounted to P279 million on foreign buying of P1.97 billion and foreign selling of P2.25 billion.




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