PSE Index Starts Strong But Fades To Close In The Red

The Philippine Stock Exchange (PSE) index initially showed strength early in the trading session, reaching a milestone level, but later closed with a loss due to profit-taking activities.

The Philippine Stock Exchange (PSE) Index, February 16, 2024

The index ended the day down by 8.92 points or 0.13 percent, settling at 6,873.23 points.

At the opening, the index surged to 6,906.83 points, up by 24.68 points or 0.36 percent. However, as investors took profits, the sub-indices saw declines. Financials, which initially gained 0.38 percent, narrowed its gain to 0.05 percent, while other sectors followed suit.

Holding firms experienced a significant decline of 0.97 percent, led by market bellwether SM Investments, which dropped from its high of P919 to P905, its lowest point. Property also dipped by 0.35 percent, and mining and oil decreased by 0.20 percent.

On the other hand, industrial rose by 0.55 percent, and services increased by 1.03 percent.

Value turnover was below average at P4.58 billion, with 85 gainers, 83 losers, and 65 shares unchanged. Market analysts anticipate the market to trade sideways before potentially surpassing its new resistance level at 7,150 points.

Among the gainers were ICTSI, Bank of the Philippine Islands, Monde Nissin, Meralco, Jollibee Foods, and Ayala Corp.

Meanwhile, the losers included Security Bank, Manila Water, Ayala Land, Universal Robina, Metro Bank, DITO CME, Globe Telecom, and Semirara Mining. Unchanged stocks included PLDT, BDO Unibank, and Robinsons Land.

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