PSE Index Inches Up But Falls Short Of Milestone

The Philippine Stock Exchange (PSE) index inched closer to the 7,000-point resistance level but fell short once again, closing at 6,973.41 points—up by 11.45 points or 0.16 percent.

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

This marks the third failed attempt to breach the 7,000-point barrier as investors opted to cash in on their gains.

The day's gains were primarily driven by a strong rally in Ayala Land, which rose by 2.29 percent to ₱33.50, and SM Prime, which surged by 4.38 percent to ₱31.00. These movements contributed to a 2.72 percent increase in the property sub-index.

The Mining and Oil sector also saw a slight uptick of 0.13 percent. Other sectors, however, experienced declines: Financials dipped by 0.05 percent, Industrials saw a marginal decrease of 0.003 percent, Holding Firms dropped by 0.33 percent, and Services fell by 0.40 percent.

During the session, the index briefly surpassed the 7,000-point level, reaching an additional 8 points before profit-taking set in.

This caused top trades like ICTSI to lose 2.11 percent, closing at ₱408.40, while BDO Unibank, the second most active stock, also fell by 2.11 percent to ₱151.20. The index eventually hit a low of 6,967.95 points.

The market recorded a value turnover of ₱6.8 billion, while foreign trades amounted to ₱6.92 billion.

Net foreign buying was a substantial ₱897 million, with foreign buying totaling ₱3.91 billion against foreign selling of ₱3.014 billion. The market saw 110 gainers, 94 losers, and 51 unchanged shares.

Market bellwether SM Investments led the gainers, along with other notable stocks such as DigiPlus, Bank of PI, CEMEX Holdings, PNB, ACEN Corp, Manila Water, Petron, Semirara Mining, LT Group, and Shang Properties.

Likewise gaining were Converge, Globe Telecom, Boulevard Holdings, DITO CME, Monde Nissin, Abacore, Alliance Global, Megawide, Belle Corp, Bloomberry, Cebu Air, Atlas Mining, Philex Mining, GT Capital, Nickel Asia, Figaro Coffee, SPNEC, Ginebra, Robinsons Land, Puregold, and Phil Seven.

On the other hand, the losers included Vista Malls, Universal Robina, JG Summit, Union Bank, Security Bank, Shell Pilipinas, First Gen, Meralco, Jollibee Foods, GMA 7, PLDT, Apex Mining, DoubleDragon, and OceanaGold.

Stocks that remained unchanged were Alternergy, Citicore RT, Synergy Grid, Axelum, D&L Industries, San Miguel, Philex Mining, and ABS-CBN.