PSE Index Rebounds, Posts Hefty Rise

The Philippine Stock Exchange (PSE) index Wednesday posted a hefty rise to 6,450.03 points, up by 91.07 points or 1.43 percent on bargain hunting, mostly by foreign investors.

The Philippine Stock Exchange (PSE) Index, July 3, 2024

However, value turnover remained muted as local investors' participation was less than four percent of the trades due to continued sluggish sentiments about the state of the stock market.

Only the mining and oil sub-index posted a loss, down by 0.97 percent, as all the others had substantial gains of above one percent.

Financials went up by 1.56 percent, industrials by 1.10 percent, holding firms by 1.22 percent, services by 1.41 percent, and property by 1.07 percent. Net foreign buying amounted to P22 million on foreign buying of P1.888 billion and foreign selling of P1.866 billion.

Market bellwether SM Investments was up, along with port operator ICTSI, which was the most active with P475 million as it rose by P7.80 or 2.22 percent to P359.80.

Bank of PI was the only loser among the Top 10 active stocks.

Value turnover amounted to P3.9 billion with 95 gainers, 83 losers, and 58 shares unchanged. At one point, the market went to a low of 6,366.58 points after opening at 6,355 before bargain hunters came in full force to nudge the shares of listed blue chips.

Analysts see the market with a sideways bias and will take its cue from the US announcement on whether it will raise the rates or cut them down.

Among the gainers were Ayala Land, Jollibee Foods, BDO Unibank, Metrobank, SM Prime, Ayala Corp., 8990 Holdings, Globe Telecom, PLDT, Converge, Cebu Air, Roxas and Co., Haus Talk, Union Bank, Greenergy, and DMCI Holdings.

JG Summit, Cebu Landmasters, Apex Mining, Atlas Mining, ACEN Corp., Aboitiz Power, Meralco, Manila Water, Semirara Mining, Synergy Grid, Monde Nissin, Ginebra, Steniel, GT Capital, DoubleDragon, and Robinsons Land also ended the day in green territory.

The losers were San Miguel, Dito CME, ABS-CBN, PAL, SPNEC, Phil. Seven, Century Foods, MREIT, Emperador, Axelum, AREIT, and Alternergy, while those unchanged were Citicore RE, AgriNurture, CEMEX Holdings, Cosco Capital, LT Group, and Abacore.