PSE Index Roars Within Inches Of New Milestone

The Philippine Stock Exchange (PSE) index roared to life today, nearing a new milestone level as investors poured their money into blue-chip stocks in anticipation of higher dividends with next month's dividend announcements.

The Philippine Stock Exchange (PSE) Index, February 21, 2024

The index closed at 6,897.36 points, up by 42.70 points or 0.62 percent, just 3 points away from the milestone.

Investors reacted positively to Ayala Land's disclosure of a 32 percent profit growth to P24.5 billion, propelling the property firm's stock to the top of the trading list with a turnover of P565 million. Its stock price rose by 65 centavos to P35.55.

SM Prime also saw gains as investors anticipated higher dividend declarations.

Banking stocks, including BDO Unibank and Bank of the Philippine Islands, also benefited from expectations of increased dividend yields, offsetting losses in Metrobank, Union Bank, and PNB.

Security Bank remained unchanged. Other stocks that gained included GT Capital, Aboitiz Power, Meralco, Manila Water, First Gen, Globe Telecom, PLDT, Cebu Air, Jollibee Foods, Axelum Resources, Universal Robina, AC Energy, Megaworld, and market bellwether SM Investments, which is less than 3 points away from reaching a new milestone level for the index.

Industrials, holding firms, and property sectors also saw gains. The total turnover amounted to P4.88 billion with 91 gainers, 93 losers, and 52 shares unchanged. Foreign buying amounted to P2.93 billion while foreign selling amounted to P506 million.

Gainers included Alternergy, Abacore Capital, Ayala Corp, Aboitiz Power, Aboitiz Equity, Premium Leisure, and GMA 7, while unchanged stocks included CitiCore REIT, Megawide, Emperador, ABS-CBN, and Security Bank.

Among the losers were PNB, Union Bank, Ginebra, Monde Nissin, San Miguel, Top Frontier, JG Summit, Converge, DITO CME, LT Group, Robinsons Land, Philex Mining, and Bloomberry.

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