PSE Index Up For The Third Time

The Philippine Stock Exchange (PSE) index posted another small gain today, reaching 6,241.69 points, up by 16.69 points or 0.27 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 6, 2023

Foreign selling continued to dominate the market as blue-chip stocks closed mixed amid rising inflation rates and the projected increase in Bangko Sentral interest rates to counter the US Fed's hawkish stance on rates.

Financials saw a slight increase of 0.06 percent, with banks showing mixed results. BDO Unibank, the second most active with P292 million in trades, lost 90 centavos to P137.70, while Bank of PI rose by 80 centavos to P105, and Metrobank increased by 10 centavos to P55.50.

Other banks, however, turned red, with PNB down by 8 centavos to P18.32, Security Bank losing 55 centavos to P79.45, and EastWest declining by 2 centavos to P8.10.

The services sector managed to eke out a gain of 0.42 percent, even with the decline in ICTSI by 20 centavos to P205.40, PLDT by a peso to P1,201, and Globe Telecom by P6 to P1,790.

Bloomberry posted a hefty gain of 2.9 percent, closing at P11.36, up by 32 centavos, and Converge increased by 3 centavos to P8.33. Industrials rose by 0.17 percent, holding firms by 0.72 percent, while mining and oil and property declined by 1.07 percent and 0.33 percent, respectively.

Semirara Mining lost 10 centavos to P32.25, while NickelAsia went down by 14 centavos to P5.18, and Atlas Mining remained unchanged at P3.07.

Century Pacific Food was the day's most active stock with P307 million in trades, gaining 1.57 percent to P29.10, up by 45 centavos. Ayala Corp was the third most active with P289 million in trades, losing P8 to P620.

The total turnover remained below average at P3.8 billion, with 91 gainers, 95 losers, and 40 shares unchanged. Net foreign selling amounted to P663 million, with foreign buys of P1.79 billion and foreign sells of P2.45 billion.

Universal Robina had a block sale amounting to P380 million, transacted at P116.53, involving 3.2 million shares, although it closed lower at P116.90, down by one peso.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic