PSE Index Sees Slight Rise

The Philippine Stock Exchange (PSE) index today went up slightly to 6,593.80 points, a gain of 2.33 points or 0.049 percent as foreign investors reversed gear in this second trading week, becoming net sellers to the tune of P131 million.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 1, 2023

The locals again remained on the sidelines for a muted trade of P3.96 billion, a third lower than average in what is looming to be a harbinger of the ghost month set past mid-August.

Foreign buying amounted to P2.059 billion while foreign selling hit P2.191 billion, local investors unnerved by the August phenomenon where stocks usually post declines due to the economic hiccups that the period brings.

The rice harvest, for example, is still far off targets, economic activity is almost at a standstill, and Chinoy investors are unwilling to commit to new investments.

Financials and Services posted declines of 0.19 percent and 1.77 percent, respectively, while industrials rose by 0.64 percent, holding firms by 0.24 percent, mining and oil by 1.12 percent, and property by 0.32 percent.

Ayala Land emerged the most active with P505 million in trades as foreign investors were net buyers to the tune of P266 million to push the share price up by 70 centavos to P28.10 to offset the loss by SM Prime of 15 centavos.

Market bellwether SM Investments went up by P3 to P915 even with the net foreign selling of P53 million out of the P206 million in trades.

BDO Unibank was the second most active with P380 million in trades as its shares rose by 90 centavos to P146 following net foreign buying of P42.7 million due to its reported profits of P35.2 billion for the first half, a rise of 47 percent, while ICTSI was third most active with trades of P294 million as it went down by P6.80 to P210.20.

Bank of PI was unchanged at P114.50 on trades of P277 million, of which P4.3 million were net foreign selling.

Ayala Corp declined by P2 to P613 on trades of P171 million, P75 million of which was net foreign selling, while Puregold lost a peso to P28 on trades of P148 million.

Meanwhile, Universal Robina advanced by P3.40 to P126 as foreign investors were net buyers amounting to P41 million of total trades of P114 million, Jollibee Foods gained P6 to P261, Emperador rose by 55 centavos to P21.50, and Robinsons Land rose by 10 centavos to P15.10.

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