PSE Index Slightly Up On Bargain Hunting

The Philippine Stock Exchange (PSE) index saw a modest increase today, rising to 6,054.50 points, a gain of 14.78 points, or 0.24 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 25, 2023

This uptick was driven by bargain hunting, with investors purchasing stocks that had experienced significant declines, betting on the low valuations of these shares despite the Bangko Sentral's announcement of an off-cycle interest rate hike.

Holding firms dominated the market's small gains, with a 0.58 percent increase. Many conglomerates, including market bellwether SM Investments, experienced gains due to bargain hunting.

SM gained P6.50, reaching P817.50, while Ayala Corp gained P2.50, rising to P604.50. Aboitiz Equity increased by 10 centavos, reaching P47.40, and GT Capital posted a 3.26 percent gain, rising by P17.50 to P554.50.

Alliance Global and LT Group remained unchanged at P11.40 and P8.80, respectively, while JG Summit lost 30 centavos, falling to P36.60.

The financials sector also saw gains, with BDO Unibank leading the way with a 0.66 percent increase, rising by P1.60 to P129, a 1.26 percent gain, as it reported earnings of P53 billion for the first 9 months.

Metrobank also increased by P1.55, rising 2.97 percent to P53.70, while Bank of PI lost 60 centavos, reaching P100. Security Bank went down by 60 centavos, falling to P76.10, and PNB lost 2 centavos, reaching P18.66.

Industrials saw a 0.18 percent increase, while services declined by 0.43 percent, mining and oil by 0.17 percent, and property by 0.42 percent.

ICTSI lost a peso, falling to P201, Ayala Land went down by 40 centavos, reaching P28, Wilcon Depot declined by P1.80, falling to P19.60, Universal Robina lost 10 centavos, reaching P113.40, Globe Telecom declined by P10, reaching P1,780, Monde Nissin lost 3 centavos, reaching P8.15, Bloomberry fell by 5 centavos, reaching 9.83, and Semirara Mining declined by 15 centavos, falling to P30.40.

The gainers included Jollibee Foods, which rose by P3 to P214, Axelum, up by 10 centavos, reaching P1.95, PLDT, which increased by P31, reaching P1,235, Converge, which rose by 14 centavos, reaching P8.75, ACEN Corp, which increased by 18 centavos, reaching P5.25, Manila Water, which gained 4 centavos, reaching P17.62, and Megawide, which increased by 5 centavos, reaching P3.16.

Unchanged were Petron at P3.40, Atlas Mining at P3.20, D&L Industries at P6.48, and Aboitiz Power at P36. Value turnover remained low at P3.63 billion, while foreign buying of P2.072 billion was higher by P20 million compared to foreign selling.

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