PSE Index Punctures Resistance Level

The Philippine Stock Exchange (PSE) index today successfully breached its resistance level, marking the fourth attempt, signaling a potential surge towards the 7,500-point threshold that analysts have been anticipating.

The Philippine Stock Exchange (PSE) Index, February 2, 2024

The index surged by a significant 1.27 percent to reach 6,707.25 points, up by 84.24 points or 1.27 percent.

The resistance level at 6,700 points had been tested three times over the past two weeks.

Its breakthrough before the Chinese Lunar New Year was viewed as an auspicious sign for the market, despite the decline in property stocks, which fell by 0.57 percent due to decreases in the share prices of property giants Ayala Land and SM Prime.

Financials led the gainers with a 2.50 percent increase, followed by industrial sectors rising by 1.77 percent, holding firms by 0.94 percent, services by 1.58 percent, and mining and oil by 1.27 percent.

Foreign buying totaled 2.728 billion, while foreign selling amounted to 2.692 billion, resulting in a net buying of P35.7 million.

The value turnover reached P5.976 billion, with 98 gainers, 76 losers, and 56 shares remaining unchanged. Monde Nissin was an unexpected gainer, adding 5.09 percent to close at P9.42, up by 64 centavos.

Market bellwether SM Investments led gainers, with BDO Unibank being the most active, rising by P4.50 to P148.50. Other bank gainers included Metrobank, Bank of the Philippine Islands, Union Bank, and Security Bank.

Additional gainers comprised ACEN Corp, PLDT, Meralco, Converge, Nickel Asia, Semirara Mining, Bloomberry, Universal Robina, Jollibee Foods, Synergy Grid, Philex Mining, DITO CME, Robinsons Land, Megaworld, ICTSI, and Philex Mining.

On the downside, losers included Fruitas Holdings, Ayala Corp, GT Capital, Aboitiz Equity, Megawide, Top Frontier, Vista REIT, Globe Telecom, DigiPlus, Puregold, Robinsons Retail, and Cosco Capital. PNB, Axelum, San Miguel, Citicore REIT, and GMA 7 remained unchanged.

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