PSE Index Sees Positive Gains

The Philippine Stock Exchange (PSE) index saw positive gains today, closing at 6,572.75 points, marking an increase of 65.95 points or 1.01 percent, despite experiencing net foreign selling of almost P2 billion.

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

The rally pushed the index close to reaching a milestone level higher, but a reversal in the Financials sector, with a 0.09 percent loss driven by declines in Bank of the Philippine Islands (BPI) and EastWest Bank shares, prevented the index from achieving a new milestone.

Despite this setback, all other sub-indices showed gains, with Holding firms leading the pack with a 1.81 percent increase, followed by Industrial (1.28 percent), Services (0.45 percent), Mining and Oil (0.32 percent), and Property (1.22 percent).

The total value turnover for the day amounted to P6.06 billion, with 111 gainers, 99 losers, and 52 shares remaining unchanged.

The index reached a high of 6,595.98 points during trading, before being affected by profit-taking in some banking shares.

Net foreign selling reached P1.864 billion, the first time hitting such a level, but the entry of local investors and the buy-back protocols of selected blue chips helped stabilize the index.

Foreign buying amounted to P2.103 billion, while foreign selling was at P3.968 billion.

Market bellwether SM Investments, along with top-traded stocks such as International Container Terminal Services Inc. (ICTSI), Ayala Land, and BDO Unibank, were among the gainers for the day.

Other notable gainers included Universal Robina, Megawide, Ayala Corp, and Aboitiz Equity.

On the other hand, San Miguel, Col Financial, Basic Energy, and AgriNurture were among the losers. Stocks such as Megaworld, DoubleDragon, ABS-CBN, GMA 7, and PLDT also experienced declines.

Meanwhile, Metrobank, Alternergy, First Gen, Emperador, Top Frontier, Cebu Pacific, and Empire East remained unchanged.