PSE Index Surges On Foreign Buying

The Philippine Stock Exchange (PSE) index surged today on foreign buying, resulting in gains in all the sub-indices, with the services sector posting the biggest rise, climbing up another milestone level to 6,604.25 points, up by 92.32 points or 1.42 percent.

The Philippine Stock Exchange (PSE) Index, May 13, 2024

ICTSI emerged as the most active with P606 million, of which P312 million was net foreign buying, as it closed P15.40 higher at P361, up by 4.46 percent, as foreign investors cheered the company's disclosure of building another container facility in Bauan, Batangas, for $800 million.

With the surge in ICTSI, the services sub-index posted the biggest gain of 3.19 percent.

Oceana Gold, the new IPO, closed lower than its initial price, declining by 82 centavos or 6.16 percent from its initial price.

However, it had two sets of block sales at the opening of trades transacted at P13.33, a cent higher than its IPO price, valued at P3.49 million and P2.52 million. The Oceana IPO was all secondary offering, which means that the sellers were stockholders of the gold and copper firm.

Financials went up by 2.7 percent, industrial by 0.26 percent, holding firms by 0.10 percent, mining and oil by 0.64 percent, and property by 0.91 percent. Only Oceana Gold and Jollibee Foods posted losses among the Top 10 traded stocks.

Market bellwether SM Investments went up by P5 to P885, but the losses in other holding firms resulted in a small rise of 0.10 percent.

Value turnover amounted to P11.01 billion, almost double the average, with 118 gainers, 74 losers, and 49 shares unchanged. Net foreign buying amounted to P3.32 billion, the first time it hit that amount.

Foreign buying amounted to P5.21 billion, and foreign selling reached P1.89 billion.

Among the gainers were Ayala Land, SM Prime, Robinsons Land, Belle Corp., Axelum, ACEN Corp., Globe Telecom, PLDT, Metrobank, BDO Unibank, Bank of PI, SPNEC, Converge, Alternergy, Basic Energy, Megaworld, DoubleDragon, GT Capital, Universal Robina, JG Summit, Apex Mining, Atlas Mining, Philex Mining, Semirara Mining, Monde Nissin, D&L Industries, Cebu Air, DigiPlus, and Philodrill.

The losers were Union Bank, Aboitiz Power, Union Bank, First Gen, Meralco, Manila Water, Petron, LT Group, Aboitiz Equity, San Miguel, PAL, Nickel Asia, ABS-CBN, GMA 7, Century Food, and SMC Food and Beverage.

Those unchanged were AgriNurture, Megawide, Bloomberry, Abacore, Alliance Global, Puregold, and Robinsons Retail.