PSE Index Gains A Bit Of Ground

The Philippine Stock Exchange (PSE) index saw a modest uptick as investors awaited the US Fed decision on interest rates, closing at 6,856.77 points, marking a gain of 8.34 points or 0.12 percent.

The Philippine Stock Exchange (PSE) Index, March 20, 2024

Investors speculated that the US might postpone any interest rate adjustments, although the Fed had previously hinted at a potential rise in the coming months.

This anticipation spurred optimism among investors, leading to a surge in value turnover, which exceeded a third higher at P8.78 billion. Market activity showed 101 gainers, 92 losers, and 43 shares remaining unchanged.

The Services sector, up by 1.22 percent, counterbalanced losses in Financials (down by 0.12 percent), Holding Firms (losing 0.07 percent), and Property (declining by 0.64 percent).

Meanwhile, gains in the Industrial and Mining and Oil sectors, up by 0.33 percent and 0.49 percent respectively, contributed to the index's boost.

DigiPlus, reaching a new high of P10.60 with quadrupled earnings of P4.1 billion, entered the Top 10 active column. Similarly, Bloomberry also gained entry into the active column, rising by 3.62 percent or 38 centavos to P10.88.

Second-liners Megawide and Philodrill also recorded gains as investors sought new investment opportunities.

Net foreign buying amounted to P391 million, driven by foreign buys of P2.523 billion and foreign sales of P2.132 billion. Market bellwether SM Investments remained unchanged at P980, while Ayala Corp, JG Summit, and GT Capital saw declines.

Among the gainers were BDO Unibank, Metrobank, PNB, Megawide, Cosco Capital, San Miguel, Aboitiz Equity, Monde Nissin, Universal Robina, Top Frontier, Meralco, Manila Water, Apex Mining, Semirara Mining, Converge, Megaworld, and GMA7.

On the other hand, Security Bank, Bank of PI, Alternergy, Aboitiz Power, SPNEC, PAL, Cebu Air, Robinsons Land, Ginebra, and Perron were among the losers. Unchanged stocks included Union Bank, Synergy Grid, First Gen, and Figaro Coffee.

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