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PSE Index Surges To Two-Year High
- By The Financial District
- Mar 8, 2024
- 2 min read
The Philippine Stock Exchange (PSE) index experienced a significant surge today, marking its largest gain in two years and closing at a milestone level of 6,942.21 points, up by a substantial 104.87 points or 1.53 percent.
The Philippine Stock Exchange (PSE) Index, March 8, 2024
Analysts attribute the surge to investors' optimism regarding higher dividend payouts, particularly with the onset of the dividend declaration season this month.
Blue-chip stocks and second liners saw increased investor interest, with market bellwether SM Investments reaching a new high and emerging as the most active stock, closing at P979.50, up by P19.
Despite a slight drop in the mining and oil sub-index, all other sectors posted notable gains. Financials rose by 1.59 percent, industrial by 0.74 percent, holding firms by 1.24 percent, services by 1.77 percent, and property by 1.80 percent.
However, foreign buying remained subdued due to uncertainty surrounding foreign investment entry.
Value turnover amounted to P4.8 billion, with net foreign buying reaching P563 million. Gainers included BDO UniBank, Bank of the Philippine Islands (BPI), Metrobank, ICTSI, Ayala Land, SM Prime Holdings, Ayala Corporation, Aboitiz Equity Ventures, Aboitiz Power, PLDT, D&L Industries, DigiPlus, Semirara Mining, Robinsons Land, Premium Leisure, Apex Mining, and Atlas Mining.
Conversely, the losers comprised Security Bank, Union Bank, Universal Robina Corporation (URC), Cebu Air (Cebu Pacific), First Gen Corporation, LT Group, Abacore, Nickel Asia, Bloomberry Resorts Corporation, and San Miguel Corporation.
Stocks that remained unchanged included SPNEC, ACEN Corporation, Manila Water, Megawide Construction Corporation, JG Summit Holdings, and Megaworld Corporation.
The surge in the PSE index reflects growing investor confidence and optimism surrounding the Philippine market, particularly in anticipation of robust corporate earnings and dividend payouts following the post-COVID resurgence in consumer spending.
