PSE Index In Recovery Mode

The Philippine Stock Exchange (PSE) index recovered Wednesday, closing at its highest price point at 6,659.18, up by 40.60 points or 0.61 percent.

The Philippine Stock Exchange (PSE) Index, May 8, 2024

This was due to a surge in the share prices of property giants, resulting in a substantial rise in the property sub-index by 4.71 percent.

Ayala Land, with a 39 percent increase in its income to P6.3 billion, rose by 4.91 percent to P27.80, up by P1.30, while SM Prime had a larger gain of 7.12 percent to P27.85, a gain of P1.85, boosting the property sub-index to its best finish so far.

Other gainers were services, up by 1.61 percent, and mining and oil, up by 0.04 percent, while financials declined by 0.51 percent, industrial by 0.02 percent, and holding firms by 1.03 percent as market bellwether SM Investments declined by a significant P26.50 to P921.

Value turnover amounted to P5.98 billion, with 99 gainers, 91 losers, and 40 shares remaining unchanged.

The locals are returning to the market with the inflation rate down from its previous level, indicating a possible Bangko Sentral interest rate adjustment. Foreign selling has also decreased, with net foreign selling at its lowest, P9.45 million, on foreign buying of P3.043 billion and foreign selling of P3.052 billion.

Among the gainers were ICTSI, the top traded with P891 million, as it rose by P8.80 to P359, Universal Robina, Metrobank, Belle Corp, which rose by 12.78 percent to P2.56 following the fold-in of Premiere Leisure, PNB, ACEN Corp., Basic Energy, and Semirara Mining.

Gaining, as well, were Manila Water, AgriNurture, Aboitiz Equity, Shakey's Pizza, Cosco Capital, D&L Industries, Petron, Abacore Capital, JG Summit, San Miguel, Nickel Asia, Philodrill, Puregold, and Wilcon Depot.

The losers included Alliance Global, Ayala Corp., Aboitiz Power, BDO Unibank, ABS-CBN, Union Bank, Alternergy, Medlines, First Gen, SPNEC, Synergy Grid, GMA 7, Ayala REIT, Phil. Seven, SSI Group, Converge, Megaworld, Double Dragon, Emperador, Century Food, Roxas and Co., and Bloomberry.

Meralco, Figaro Coffee, and Atlas Mining remained unchanged.