PSE Index Soars Further

The Philippine Stock Exchange (PSE) index surged further, even with losses in property, and mining and oil industries, thanks to increased foreign buying.

The Philippine Stock Exchange (PSE) Index, December 15, 2023

The index closed at 6,478.44 points, up by 67.96 points or 1.06 percent.

Market bellwether SM Investments gained 3.54 percent to P906, up by P31, while Ayala Corp soared by P54 or 7.93 percent to P735, powering holding firms to their best finish with a 3.38 percent gain. Both also set new records, with SM hitting P900, and Ayala Corp surpassing P700.

Property giant SM Prime had a volatile run with profit-taking, closing at P33.10, down by P1.05 after reaching new highs above P33.

It emerged as the most active with trades of P1.43 billion. ICTSI gained P7.80 to P237, up by 3.4 percent, pushing services to a 1.14 percent rise, even with Globe Telecom down by P6 to P1,699, and PLDT down by P6 to P1,260.

Financials rose by 0.06 percent, industrial by 0.41 percent, while mining and oil declined by 0.54 percent and property by 1.39 percent. Value turnover amounted to P10.2 billion, with 85 gainers, 86 losers, and 42 shares unchanged.

Foreign buying amounted to P6.66 billion, while foreign selling reached P6.21 billion for a net foreign buying of P448 million, indicating the start of the so-called Christmas rally.

Among the gainers were Ayala Land, up by 15 centavos to P32.95, Bank of the Philippine Islands, up by 10 centavos to P101.60, Security Bank, up by P3.05 to P73, Philex Mining, up by 4 centavos to P3.10, Nickel Asia, up by 5 centavos to P5.15, JG Summit, up by P1.80 to P41, Alliance Global, up by 10 centavos to P10.10, DITO CME, up by 18 centavos to P3.43, and Wilcon Depot, up by 42 centavos to P20.40.

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