PSE Index In Smallish Rise

The Philippine Stock Exchange (PSE) index Tuesday recovered from its initial loss during the lunchtime recess to post a smallish 10.32 point rise to 6,225 points, up by 0.17 percent as the index-heavy holding firms held the fort for the market.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 5, 2023

Market bellwether SM Investments, up by P20 at the close to P840, together with Ayala Corp, up P3 to P628, pushed the index to a 1.25 percent gain to offset the losses in the financials and property sub-indices.

Also, Abacore Holdings went up by 10 centavos to P1.34, GT Capital by P3 to P575, Alliance Global up by 20 centavos to P12.70, and JG Summit up 40 centavos to P37.20.

Property giant SM Prime went down by 70 centavos to P29.75 while Ayala Land was unchanged at P28.60 resulting in a 0.92 percent downswing in the property sub-index. Third most active BDO Unibank declined by 90 centavos to P138.60 on trades of P199 million, and most active Bank of PI lost P1.60 to P104.20 on trades of P364 million.

Foreign buying amounted to P1.22 billion and foreign selling hit P1.89 billion for a net foreign selling of P669 million as the bearish sentiments continued to take hold. Total value turnover amounted to P3.4 billion.

Financials lost 0.82 percent while industrials rose by 0.68 percent, services by 0.26 percent with the rise in PLDT, up by P12 to P1,202, Converge, up by 22 centavos to P8.30 to cushion the loss by ICTSI by a peso to P205.

Mining and oil was up by 1.12 percent with the rise in Semirara Mining, up by 90 centavos to P32.25, and NickelAsia up by 2 centavos to P5.32.

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