PSE Index Surges On Foreign Buying

The Philippine Stock Exchange (PSE) index began the week surging, reaching a new milestone level fueled by foreign buying.

The Philippine Stock Exchange (PSE) Index, April 29, 2024

The index closed at an impressive 6,769.64 points, marking a substantial increase of 140.89 points or 2.13 percent, largely attributed to foreign investment.

Investors showed strong interest in blue-chip stocks that had experienced declines from their previous highs. Market bellwether SM Investments saw a notable rebound, closing at P969, up P14 from its low of P946.

ACEN Corp also experienced gains, closing at P4.02, reflecting a 6.35 percent increase, or 24 centavos higher.

Foreign investors played a significant role in driving market activity, with net foreign buying amounting to a substantial P1.181 billion. This marked the first time in over a month that net foreign buying surpassed the P1 billion threshold, with foreign buying totaling P3.08 billion and foreign selling amounting to P1.904 billion.

Despite total trades being below average at P5.31 billion, market sentiment remained positive, with 120 gainers, 74 losers, and 49 shares remaining unchanged. Investors closely monitored the decision of the US Federal Reserve on interest rates, contributing to cautious trading activity.

Key sectors experienced notable gains, with financials leading the charge with a 2.89 percent increase, followed by industrial and holding firms, services, and property sectors posting gains of 1.47 percent, 2.20 percent, and 1.94 percent, respectively.

However, Mining and Oil stocks witnessed a decline of 0.81 percent due to lower gold prices resulting from geopolitical tensions in the Middle East.

ICTSI emerged as the most active stock, with P441 million in trades, followed by banking stocks BDO Unibank and Bank of the Philippine Islands (BPI). Other gainers included Cebu Pacific, PAL, Robinsons Land, SPNEC, Synergy Grid, and various other listed companies.

Conversely, Dito CME, Manila Water, Meralco, and Petron were among the notable losers, while some stocks remained unchanged.

Overall, the surge in the PSE index underscored investor confidence fueled by foreign buying and positive market sentiment across key sectors.