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  • Writer's pictureBy The Financial District

PSE Index Gains

The Philippine Stock Exchange (PSE) index gained momentum today, propelled by a significant increase in net foreign buying.

Photo Insert: The Philippine Stock Exchange (PSE) Index, December 1, 2023

For the first time, foreign investors injected over a billion pesos in net buys, leading to a 21.45-point rise, or a 0.34% increase, reaching 6,245.18 points.

Net foreign buying totaled P1.383 billion, driven by foreign buying of P3.033 billion and foreign selling of P1.650 billion, boosting the market. Blue-chip stocks, which experienced declines over the last two days, saw a rise amid optimism for a potential Christmas rally.

However, the financials and the mining and oil sectors posted losses of 0.41% and 0.35%, respectively.

SP New Energy Corp emerged as the most active stock with trades amounting to P1.65 billion. Investors, many of whom were trapped when it was suspended due to its stock market float, dumped their shareholdings.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

SP Energy was the biggest decliner, experiencing a significant 19.86% decline, closing at P1.17, down by 29 centavos. It opened at 1.28, reached a high of P1.35, and hit a low of P1.09 before bargain hunting ensued.

The property sector defied the decline, with Ayala Land down by 20 centavos to P31, while SM Prime rose on foreign buying, closing 2.17% higher at P33, up by 70 centavos, pushing the sub-index to a 0.84% rise. Holding firms increased by 0.13%, services by 0.31%, and industrials by 0.67%.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Total trades amounted to P4.4 billion, with 99 gainers, 79 losers, and 41 shares unchanged.

Among the gainers were Jollibee Foods, up by P7.20 to P233.80, ICTSI up by P4 to P219.80, Universal Robina up by 10 centavos to P113.10, Bank of PI up by P1.20 to P104.50, Globe Telecom up by P9 to P1,719, Dito CME up by 3 centavos to P2.33, JG Summit up by 50 centavos to P39, Aboitiz Equity up by 20 centavos to P47, PNB up by 8 centavos to P18.52, and Robinsons Land up by 4 centavos to P14.56.

Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

Among the losers were BDO Unibank, down by P2.50 to P131, Bloomberry down 15 centavos to P9.50, GT Capital down by P7.50 to P535, PLDT down by P29 to P1,259, Security Bank down by P2.45 to P68.05, Ayala Corp down by P9 to P655, Nickel Asia down by 8 centavos to P5, Emperador down by 5 centavos to P20.90, Aboitiz Power down by 90 centavos to P36.60, and Philex Mining down by 4 centavos to P3.10.

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