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Writer's pictureBy The Financial District

PSE Index Starts Month Strong As It Recovers Hitting A Milestone

The Philippine Stock Exchange (PSE) index bounced back today, recovering to a milestone level of 7,380.32 points, gaining 107.67 points or 1.48%.


The Philippine Stock Exchange (PSE) Index, October 1, 2024



Analysts attributed the rise to a return of buying interest, although activity remained somewhat muted.


All sub-indices ended in the green, reflecting a prevailing bullish sentiment in the market, particularly as the anticipated upswing during the "Ber" months begins to take shape. The property sector led the surge, rising by 2.36%, followed by holding firms with a 1.75% increase, and financials, which climbed by 1.44%.



Other sectors also posted gains: services went up by 0.93%, mining and oil by 0.63%, and industrial by 0.68%. Total value turnover was slightly above average, amounting to P6.04 billion.


BDO Unibank led the activity with trades amounting to P693 million, followed by Globe Telecom and ICTSI with P628 million and P573 million, respectively.



Foreign investors remained net buyers, with foreign buying totaling P3.278 billion against foreign selling of P2.814 billion, resulting in net foreign buying of P463 million. There were 124 gainers, led by market bellwether SM Investments, and 73 losers, with BDO Unibank at the forefront of the decliners. Sixty shares remained unchanged.


Among the top gainers were Globe Telecom, ICTSI, Bank of the Philippine Islands (BPI), PLDT, Converge, Cebu Air, Nickel Asia, SM Prime, Meralco, Metrobank, Petron, Synergy Grid, and Century Pacific Food.



San Miguel Food and Beverage also gained - so did Abacorfe, China Bank, East West, Security Bank, Union Bank, ACEN Corp., Alternergy, First Gen, Manila Water, Semirara Mining, Axelum, D&L Industries, Monde Nissin, DoubleDragon, Aboitiz Equity, Cosco Capital, MREIT, Puregold, Phil. Seven, Belle Corp, Bloomberry, and GMA-7.



The biggest losers included PNB, Shell Pilipinas, SPNEC, Shakey's Pizza, Megawide, Robinsons Land, ABS-CBN, PAL, MacroAsia, Robinsons Retail, Apex Mining, Philex Mining, DigiPlus, and Wilcon Depot.


The unchanged stocks were Citicore REIT, Citicore Renewable Trust, AgriNurture, Emperador, JG Summit, Jollibee Foods, DMCI Holdings, Haus Talk, Dito CME, and Fruitas.




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