PSE Index Surges To Pierce New Milestone Level

The Philippine Stock Exchange (PSE) index reached a new milestone level, propelled by three-year low inflation numbers and anticipation for the upcoming Chinese New Year, potentially igniting a bullish market trend.

The Philippine Stock Exchange (PSE) Index, February 7, 2024

Today, the index soared to 6,830.04 points, marking a significant increase of 74.78 points or 1.11 percent.

Analysts foresee the index hitting a high of 7,500 points unless political uncertainties arise, particularly following recent statements by former President Rodrigo Duterte regarding a secessionist move for Mindanao.

Ayala Corp led the charge, hitting a new high of P715 with trading volume amounting to P677 million and gaining P43 or 6.4 percent.

Similarly, BDO Unibank reached a new high of P150, rising by P2 on trades of P548 million. Second liners also experienced gains, buoyed by reports of lower inflation, indicating reduced prices for goods and services.

Foreign buying surged to P3.361 billion, marking its highest level since the pandemic, while foreign selling amounted to P2.15 billion, resulting in a net foreign buying of P1.205 billion, also reaching recent highs.

Value turnover surpassed average levels at P6.32 billion, with gainers outnumbering losers comfortably at 112 to 80, with 49 shares remaining unchanged.

Market bellwether SM Investments led the gainers, joined by GT Capital, Metrobank, DigiPlus Interactive, ACEN Corp, Aboitiz Power, Meralco, Converge, Monde Nissin, Emperador, Philex Mining, Ayala Land, and SM Prime.

Conversely, Universal Robina, Bank of PI, Petron Corp, JG Summit, Atlas Mining, Apex Mining, and Globe Telecom were among the losers, while SPNEC, Axelum, Aboitiz Equity, and San Miguel remained unchanged.

The mining and oil sector posted a loss of 0.60 percent, while services surged by 2.13 percent. Financials rose by 0.29 percent, industrial by 0.62 percent, holding firms by 1.01 percent, and property by 1.64 percent, reflecting the broad-based optimism in the market.

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