PSE Index Sustains Upward Trajectory

The Philippine Stock Exchange (PSE) index made gains, closing 53.29 points higher at 6,131.32 points, up 0.86 percent, as all the sub-indices posted gains during a volatile trading session with muted trade volume.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 7, 2023

Foreign investors became net buyers, influenced by better economic prospects in the US as the Fed paused its interest rate increases while leaving the possibility of future rate hikes open in response to inflation concerns.

The financials sector recorded the most significant gain, rising by 2.38 percent. BDO Unibank emerged as the most active stock with trades of P386 million, gaining P3.20 or 2.46 percent to reach P133.20. Bank of the Philippine Islands (BPI) had trades of P153 million, increasing by P4 or 4 percent to P104.

Metrobank also gained 35 centavos to P52.70 with trades of P111.5 million. On the other hand, Security Bank rose by 15 centavos to P75.05, while PNB declined by 10 centavos to P18.50.

The property sector recorded the lowest rise, with Ayala Land losing 10 centavos to P28, making it the second most active stock. SM Prime gained 5 centavos to P31.05, ranking as the third most active stock with trades of P160 million.

Holding firms rose by 0.21 percent. SM Investments, the market bellwether, lost P4.50 to P829, which had a dampening effect. GT Capital rose by P10 to P545, Aboitiz Equity gained 90 centavos to reach P46.95, and JG Summit increased by 45 centavos to P37.60.

The industrials sector gained 1.11 percent, while services and mining and oil increased by 0.35 percent and 0.03 percent, respectively.

The total value turnover amounted to just P2.9 billion, half of the average daily trades. There were 89 gainers, 80 losers, and 48 shares remained unchanged.

Foreign buying amounted to P1.681 billion, while foreign selling stood at P1.628 billion, resulting in net buying of P52.1 million. For the second consecutive day, there were no trades on short selling, as banks holding listed shares were reluctant to lend their shares for short selling.

Some of the gainers included Universal Robina, up by P1.10 to P112.40, Globe Telecom, up by P8 to P1,770, Meralco, up by P12.40 to P364.40, Jollibee Foods, up by P3 to P210.60, Bloomberry, up by 26 centavos to P9.58, Puregold, up by 50 centavos to P28.15, and ICTSI, up by a peso to P210

The other gainers were Nickel Asia, which was up by 4 centavos to P5.49, Converge, up by 22 centavos to P9, Dito CME, up by 1 centavo to P2.91, Semirara Mining, up by 25 centavos to P29.95, and Monde Nissin, up by 9 centavos to P7.90.

On the other hand, PLDT went down by P15 to P1,230, ACEN Corp went down by 1 centavo to P5.40, and Wilcon Depot lost 5 centavos to P20.

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