PSE Index Rises
The Philippine Stock Exchange (PSE) index rose today to 6,094.71, up by 53.67 points or 0.89 percent, with four of the sub-indices posting gains.
Photo Insert: The Philippine Stock Exchange (PSE) Index, September 21, 2023
The possibility of a pause in the US Fed rates looms on the horizon, which could alleviate the fear of another Bangko Sentral ng Pilipinas rate hike that may impact the market.
SM Prime and Ayala Land posted substantial gains, leading the property sub-index to a significant 2.45 percent increase. The former rose by 3.43 percent to P29.95, while the latter increased by 2.61 percent to P27.50.
Financials rose by 1.07 percent, holding firms by 0.22 percent, and industrials by 0.65 percent. The most actively traded stock was Aboitiz Power with P1.4 billion in trades as it fell by 75 centavos to P30, down by 2.44 percent.
Century Food was the second most active with trades of P875 million, rising by 1.97 percent to P31, up by 60 centavos.
The company will take the place of Aboitiz in the PSE index due to its looming decline in public float resulting from its mandated buy-back policy.
Market bellwether SM Investments rose by P4 to P793.50, but losses in other holding firms limited the rise in the index-heavy sub-index. Alliance Global fell by 8 centavos to P12.50, GT Capital lost P8.50, falling to P561.50, and Aboitiz Equity declined by 20 centavos to P45.80.
JG Summit, however, increased by 70 centavos to P35.75. Services were down by 0.04 percent, while mining and oil lost 0.80 percent. Semirara Mining decreased by 25 centavos to P35, Nickel Asia lost 5 centavos, falling to P5.15, and Atlas was down by 19 centavos to P3.01, marking a significant 5.49 percent decline.
Philex Mining remained unchanged at P2.75.
Among the gainers were BDO Unibank, up by P3.20 to P131, Metrobank, up by 95 centavos to P53.50, Universal Robina, up by 90 centavos to P113.90, Jollibee Foods, up by a peso to P226.20, Ayala Corp, up by P3 to P613, Globe Telecom, up by P3 to P1,775, PLDT, up by P17 to P1,155.
Emperador remained unchanged at P20.95, while Security Bank fell by 50 centavos to P74.70.
The value turnover amounted to P5.9 billion, with 84 gainers, 89 losers, and 51 shares unchanged. Foreign buying amounted to P2.48 billion, while foreign selling reached P3.08 billion, resulting in a net foreign selling of P597 million.