PSE Index Salvage Gain From Day Of Volatile Trading

The Philippine Stock Exchange (PSE) index rose by 32.06 points or 0.46 percent to 6,951.67 points today, but the significant development of the day was the index briefly touching the 7,000-point level.

The Philippine Stock Exchange (PSE) Index, March 4, 2024

Market bellwether SM Investments mirrored the profit-taking activity, closing lower after a volatile session.

SM Investments reached a high of P968 before dropping to P934 as investors cashed in their gains, closing lower by P2 at P935. Services offset losses in financials, declining by 0.47 percent, while industrials and holding firms were lower by 0.24 percent and 0.13 points, respectively.

With ICTSI rising by a substantial 5.93 percent to P300, a gain of P16.80, services went up by 2.46 percent, while mining and oil and property rose by 0.93 percent and 1.20 percent, respectively.

Foreign investors remained net buyers, pushing the index to 7,021.04 points, although it dropped to a low of 6,908.81 points before closing higher with a recovery of 43 points.

Net foreign buying amounted to P2.74 billion, while foreign selling totaled P1.94 billion, resulting in a net foreign buying of P799 million. Value turnover amounted to P5.63 billion, with losers outnumbering gainers 94 to 88, and 54 shares remained unchanged.

Among the gainers were Metrobank, PNB, DMC Holdings, JG Summit, Ayala Land, SM Prime, Robinsons Land, Converge, First Gen, Aboitiz Power, Cebu Air, PAL, Century Food, Emperador, Axelum, AgriNurture, Monde Nissin, ABS-CBN, Globe Telecom, PLDT, Apex Mining, Nickel Asia, Manila Water, and Semirara Mining.

Shares that declined included BDO Unibank, Security Bank, Union Bank, Bank of the Philippine Islands, Meralco, San Miguel, SMC Food and Beverage, Jollibee Foods, Bloomberry, Alliance Global, and Abacore.

ACEN Corp., Megawide, Double Dragon, and Megaworld remained unchanged.

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