PSE Index Rises Amid Bullish Sentiments

The Philippine Stock Exchange (PSE) index continued its upward trend Tuesday, closing at 7,432.21 points, up by 14.96 points or 0.20%.

The Philippine Stock Exchange (PSE) Index, September 24, 2024

Trading was marked by bullish sentiments, with value turnover almost doubling the average and net foreign buying reaching ₱3 billion.

Analysts suggest the market may now be at overbought levels, but believe the resistance level of 7,500 points could still be breached after a round of profit-taking. Holding firms and services posted losses, down 0.03% and 0.62%, respectively, as investors took profits.

Meanwhile, financials rose by 0.44%, industrials increased by 0.09%, property gained 0.93%, and mining and oil advanced by 0.06%.

The index briefly approached the resistance level, hitting a high of 7,474.44 points before selling pressure brought it down. It eventually dropped by 49 points from its peak due to the sell-off.

Net foreign buying reached ₱2.99 billion, the highest level seen recently, with total trades amounting to ₱11.78 billion. There were 102 gainers, 100 losers, and 52 shares unchanged.

Ayala Land was the most active stock, with ₱1.64 billion in trades, rising by 2.96% to ₱38.30, up by ₱1.10. BDO Unibank followed with ₱1.52 billion in trades, closing at ₱167, up by ₱4 or 2.45%.

Market bellwether SM Investments was the third most traded, closing at ₱995, up by ₱4.

Other gainers included Metrobank, Ayala Corporation, Philippine Seven, and Security Bank, while ICTSI, Bank of the Philippine Islands, and PLDT posted losses.