PSE Index Ends Month Maintaining Upward Trajectory

The Philippine Stock Exchange (PSE) index showed a slight increase Wednesday, accompanied by continued net foreign selling as local investors surged into the market, encouraged by higher profit disclosures from listed companies and reports of government success in attracting more investments.

The Philippine Stock Exchange (PSE) Index, March 27, 2024

The index closed at 6,903.53 points, up by just 5.36 points or 0.08 percent, but sufficient to stimulate investors' interest for the following week.

In the first hour of trading alone, the value turnover exceeded P6 billion, indicating strong participation from local investors. Total trades reached P10.6 billion, with 100 gainers, 81 losers, and 58 shares remaining unchanged.

Despite the ongoing net foreign selling of P310 million, driven by foreign buys of P3.314 billion and foreign selling of P3.6 billion, local investors entered the market in force.

The significant profit reports from JG Summit, Aboitiz Power's cash dividend, NickelAsia's dividends, and SM Investments' 29 percent investment of P5 billion into Citicore REIT provided a favorable environment for local investors to engage in the market.

Optimism was fueled by the pause in the US Federal Reserve's interest rate adjustments and the similar actions taken by the Bangko Sentral ng Pilipinas, following the lead of the US central bank.

The Financials and Industrial sectors contributed to the modest increase in the index, with gains of 1 percent and 0.74 percent, respectively.

However, the Holding Firms sector, led by market bellwether SM Investments, experienced a slight decline of 0.25 percent. Other sectors that saw declines include Services (-0.76 percent), Mining and Oil (-0.09 percent), and Property (-0.27 percent).

Among the notable gainers were Ayala Land, Globe Telecom, Converge, Cebu Air, PAL, Premium Leisure, DigiPlus, Union Bank, Security Bank, BDO Unibank, Bank of PI, GT Capital, Megaworld REIT, Philex Mining, Emperador, Axelum, Monde Nissin, Megawide, Ayala Corp., JG Summit, LT Group, Atlas Mining, and Abacore.

On the other hand, shares that declined included PLDT, Dito CME, Belle Corp., Bloomberry, First Gen, PXP Energy, Ginebra, San Miguel, Meralco, Manila Water, Synergy Grid, Semirara Mining, Apex Mining, and Jollibee Foods.

Meanwhile, shares that remained unchanged included SPNEC, SMC Food and Beverage, ACEN Corp, Alternergy, Basic Energy, Figaro Coffee, Cebu Landmasters, Megaworld, and Robinsons Land.

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