PSE Index Up Early But Down At Close

The Philippine Stock Exchange (PSE) index surged briefly above the 6,900-point level Tuesday but promptly stumbled, closing at 6,848.43 points, down by 4.86 points or 0.07 percent.

The Philippine Stock Exchange (PSE) Index, March 19, 2024

The index hit a low of 17 points below its peak as investors remained selective in their trades. Only the financials and property sub-indices posted gains, up by 0.21 percent and 1.73 percent, respectively.

Meanwhile, the industrial sector lost 0.23 percent, holding firms declined by 1.17 percent, services by 0.25 percent, and mining and oil dipped by 1.32 percent, influenced by lower nickel prices.

Analysts anticipate the market to maintain a sideways bias, as breaching the resistance level at 7,150 points remains elusive for now.

Today's trading session, however, exhibited optimism with the return of foreign investors, resulting in net foreign purchases of P244 million, driven by foreign buying of P2.864 billion against foreign selling of P2.619 billion.

Value turnover also remained within the average at P5.78 billion, with 84 gainers, 114 losers, and 48 shares remaining unchanged.

Port operator ICTSI was the most actively traded stock with P718 million in transactions, experiencing a loss of 20 centavos, closing at P307. Universal Robina, with P465 million in trades, declined by P5 to P99.70, while Bloomberry, with P363 million, dropped a peso to P10.50.

Second-liners also performed positively, with Belle's target Premium Leisure gaining momentum, alongside Roxas and Co, buoyed by speculation regarding its landholdings.

Among the gainers were BDO Unibank, Bank of PI, Security Bank, Alternergy, Basic Energy, AgriNurture, Century Food, Ginebra, Jollibee Foods, SM Prime, Ayala REIT, LT Group, GT Capital, Robinsons Retail, DMCI Holdings, Ayala Land, SM Prime, Converge, PAL, and Robinsons Retail.

Stocks remaining unchanged included SPNEC, Megawide, Semirara Mining, Figaro Coffee, and Belle Corp.

The losers for the day encompassed Metrobank, Union Bank, PNB, Acen Corp., First Gen, Synergy Grid, Meralco, Axelum, Shakey's, Monde Nissin, JG Summit, Cebu Air, Apex Mining, Philex Mining, San Miguel, Petron, Manila Water, Meralco, and Robinsons Land.

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