PSE Index Flirts With 7,000-Point Level

The Philippine Stock Exchange (PSE) index approached the 7,000-point mark today, coming within 8 points of the milestone before retreating later in the session as the industrials sub-index incurred losses.

The Philippine Stock Exchange (PSE) Index, April 1, 2024

The index concluded the day with a gain of 76.28 points, or 1.10 percent, closing at 6,979.81 points.

The index started on a strong note, reaching 6,991.77 points at the opening, but encountered profit-taking pressures that initially affected the services sub-index and later extended to the industrial sector, even as the former regained upward momentum.

The industrial sector declined by 0.53 percent, with Monde experiencing a 26-centavo loss, closing at P10.66 after reaching a high of P10.92.

Meanwhile, financials rose by 1.51 percent, holding firms by 1.75 percent, property by 1.4 percent, services by 0.27 percent, and mining and oil by 0.03 percent.

Foreign investors remained net buyers, amounting to P464.4 million, with foreign buying totaling P2.88 billion and foreign selling at P2.422 billion.

Total value turnover reached P5.48 billion, with 96 gainers, 90 losers, and 53 shares remaining unchanged. Analysts anticipate the index to potentially breach the 7,000-point level by the end of the week, especially with the release of inflation data.

BDO Unibank emerged as the most active stock with P588 million in trades, gaining P4.50 to reach P159. ICTSI followed closely with P563 million in trades, rising by P2 to reach P320. Market bellwether SM Investments increased by P18 to P990.

Other gainers included SM Prime, Ayala Land, Ayala Corp., Robinsons Land, Cebu Air, Manila Mining, PLDT, Globe Telecom, Belle Corp, Bloomberry, Aboitiz Equity, Apex Mining, DMC Holdings, First Gen, Manila Water, Lepanto Mining, ACEN Corp., GT Capital, and Aboitiz Power.

On the losing end were Jollibee Foods, Philodrill, Roxas and Co., Semirara Mining, Basic Energy, Axelum, Alternergy, Century Food, Nickel Asia, Emperador, LT Group, PAL, San Miguel, Converge, and Megawide.

Unchanged stocks included Phil Seven, Bank of PI, Manila Water, Cebu Landmasters, SPNEC, Synergy Grid, and AgriNurture.

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