PSE Index Rebounds To Start The Week In The Green

The Philippine Stock Exchange (PSE) index closed slightly higher Monday at 6,444.08 points, up by 1.08 points or 0.02 percent, as investor sentiment turned awry due to geopolitical tensions affecting energy prices and the lack of stimulating economic news on the local front.

The Philippine Stock Exchange (PSE) Index, April 22, 2024

While the index declined a few minutes before the close, it quickly inched up with little volatility.

It also briefly rose to a higher milestone level before succumbing to the economic malaise, particularly evident in the sell-off of market bellwether SM Investments, which emerged as the most active stock with trades amounting to P356 million, losing P13.50 to P935.

Net foreign selling amounted to P755.7 million on foreign buys of P1.441 billion and foreign sales of P2.235 billion.

Analysts foresee a bias towards a market downturn as the Iran-Israel shadow war escalates, potentially impacting oil prices, causing logistical nightmares for essential goods, and leading to increases in gold prices, a safe haven for investors.

The uptick in gold prices, in fact, helped the mining and oil sub-index post a hefty gain of 3.10 percent as mining stocks saw significant increases. Apex Mining, Atlas Mining, Benguet Corp A and B shares, as well as Philex, saw gains.

Financials lost 0.07 percent, industrial stocks rose by 0.28 percent, services and holding firms respectively lost 0.67 percent and 0.59 percent, while property stocks rose on bargain hunting to close in the green with a 1.66 percent increase.

Among the gainers were BDO Unibank, East West, Metrobank, PNB, AboitizPower, Emperador, Aboitiz Equity, Abacore, GT Capital, JG Summit, Nickel Asia, Meralco, Semirara Mining, SPNEC, Monde Nissin, First Gen, Basic Energy, ABS-CBN, GMA7, Converge, LT Group, SM Prime, Ayala Land, San Miguel, and DigiPlus.

The losers were Belle Corp., Bloomberry, Bank of the Philippines Islands, Security Bank, Union Bank, AC Energy Corporation, Century Pacific Food, Jollibee Foods Corporation, Universal Robina Corporation, SSI Group, Robinsons Land Corporation, and Megawide Construction Corporation.

Also in the red were DMC Holdings, Cebu Pacific, Philippine Airlines, Globe Telecom, ICTSI, PhilSeven, and Ayala Corporation. Stocks that remained unchanged were Alternergy, Petron, Cosco Capital, Cebu Landmasters, Empire East, Megaworld, Wilcon Depot, Premier Leisure, and PLDT.