PSE Index Sustains Slight Rise

The Philippine Stock Exchange (PSE) index once again saw a slight increase, reaching 6,266.34 points, up by 3.28 points or 0.05 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 13, 2023

This rise brought a glimmer of optimism, particularly on the second day of net foreign buying, which was more significant than Thursday's, despite the regional market's overall weakness, especially in anticipation of the expected increase in US Fed rates.

In the sectors, financials, services, and mining and oil posted respective increases of 0.25 percent, 1.03 percent, and 0.37 percent, offsetting the losses in industrials (down by 0.14 percent), holding firms (down by 0.23 percent), and property (down by 0.18 percent).

However, several shares saw higher initial price points only to experience profit-taking. The total value turnover amounted to P5.32 billion, with 73 gainers, 93 losers, and 63 shares remaining unchanged.

Notable movements included BDO Unibank rising by P1.10 to P136.40, with a high of P137.40, while market bellwether SM Investments decreased by P5 to P825, despite reaching a high price point of P831.

ICTSI rose by P5.80 to P209, with a high of P210.80. The market pattern for the day remained consistent, with early gains giving way to declines as the market closed.

Foreign buying amounted to P2.38 billion, while foreign selling reached P2.304 billion, resulting in a net foreign buying of P81.5 million. This indicates a renewed interest by foreign investors in the market.

The market analysts maintained a bias for flat growth, citing continued uncertainty in the global economy, particularly concerning the expected resurgence of global oil prices.

Among the gainers were Dito CME, which emerged as the most active with P1.6 billion in trades, rising by 1 centavo to P3.25. BDO Unibank followed with trades of P906 million, adding P1.10 to close at P136.60, having reached a high of P137.40.

Aboitiz Power increased by 10 centavos to P37, GT Capital rose by P6 to P570, Aboitiz Equity added 15 centavos to P49.70, Alliance Global rose by 10 centavos to P11.80, Semirara Mining increased by 5 centavos to P36, and Globe Telecom rose by P4 to P1,794.

On the losing side, SM Prime fell by 20 centavos to P31, Bank of PI declined by 30 centavos to P107.70, Universal Robina lost 90 centavos, bringing it to P114.70, PLDT decreased by P13 to P1,217, Converge dropped by 7 centavos to P9.85, Bloomberry was down by 4 centavos to P10.58

Others on the list of stocks ending the day in red were ACEN Corp, which decreased by 9 centavos to P5.18, Atlas Mining, which lost 1 centavo, bringing it to P3.27, and JG Summit, down by 20 centavos to P38.35.

Ayala Land remained unchanged at P29.30, and Philex also stayed unchanged at P2.85.

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