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  • Writer's pictureBy The Financial District

PSE Index Rebounds To End Month With Return To Previous Milestone

After a period of volatility, the Philippine Stock Exchange (PSE) index managed to climb back to its previous milestone level today, driven by a surge in the Financials sector.

The Philippine Stock Exchange (PSE) Index, February 29, 2024

The index closed 68.19 points higher at 6,944.71 points, marking a gain of 0.99 percent and positioning itself for another attempt at the 7,000-point level.

The sessions saw the Financials sector lead the rally, posting a significant gain of 2.13 percent. BDO Unibank and Bank of the Philippine Islands (BPI) experienced notable increases, with BDO Unibank gaining 3.38 percent to reach P153 and BPI rising by 3.22 percent.

Apart from Financials, other sectors also contributed to the overall positive sentiment. Holding firms rose by 1.61 percent, while industrials and services recorded gains of 0.98 percent and 0.15 percent, respectively.

However, the property sector saw a decline of 1.42 percent, and mining and oil decreased by 0.44 percent.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The value turnover for the session was significant, totaling P11.95 billion, which is double the average. This increase was attributed to a rebalancing of the Morgan Stanley Composite Index portfolio.

Several key stocks experienced notable trading activity.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Ayala Corporation, despite trading at a loss of P10 to reach P678, recorded transactions amounting to P1.81 billion. SM Prime Holdings saw transactions worth P1.22 billion, while market bellwether SM Investments gained P27 to reach P940 on trades amounting to P1 billion.

Foreign investors remained net buyers, contributing P436 million to the market. Despite selling P8.19 billion worth of shares, their purchases amounted to P8.6 billion.

Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

Of the total listed stocks, 81 gained, 107 declined, and 41 remained unchanged. Among the gainers were notable companies like Jollibee Foods, Philippine National Bank (PNB), Manila Electric Company (MERALCO), and PLDT.

On the other hand, some stocks experienced losses, including Security Bank, Union Bank, Cebu Air, and Globe Telecom.

Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

Overall, the rebound in the PSE Index reflects renewed investor confidence and optimism in the market, driven by positive sectoral performance and substantial trading activity.

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