PSE Index Up In Thin Trade

The Philippine Stock Exchange (PSE) index soared Friday to a new milestone level despite thin trading activity, closing 53.87 points higher at its highest price point of 6,628.75 points, marking a 0.82 percent increase.

The Philippine Stock Exchange (PSE) Index, April 12, 2024

Local investors remained on the sidelines due to the lack of noteworthy economic news to drive market movement.

Except for services, which experienced a slight decline of 0.007 percent, all sub-indices recorded gains. Financials rose by 0.04 percent, industrial by 2.21 percent, holding firms by 1.13 percent, mining and oil by 0.59 percent, and property by 0.31 percent.

Value turnover was approximately half of the average at P3.31 billion, with 110 gainers, 78 losers, and 49 shares remaining unchanged.

Foreign buying surpassed foreign selling, with P1.848 billion against P1.606 billion, resulting in net foreign buying of P241 million. However, local presence in the market was limited, with many focusing on second-liners amidst a lack of economic catalysts.

Notable gainers included ABS-CBN common shares, ABS PDR shares, Benguet A and B shares, Axelum, Roxas and Co, AgriNurture, Abacore, Citicore REIT, and DigiPlus.

Additionally, market bellwether SM Investments, Aboitiz Power, Apex Mining, Atlas Mining, First Gen, ACEN Corp., SPNEC, Cebu Air, Bloomberry, Megawide, Jollibee Foods, Figaro Coffee, Century Food, Metrobank, Universal Robina, JG Summit, San Miguel, Asian Terminal, Union Bank, Dito CME, Converge, and Meralco experienced gains.

Among the losers were BDO Unibank, ICTSI, Cemex Holdings, Alternergy, Basic Energy, Manila Water, Ginebra, GMA 7, Robinsons Land, Cosco Capital, Puregold, Ayala Corp., and Macro Asia.

Stocks that remained unchanged included D&L Industries, Ayala REIT, DDMP REIT, Filinvest RT, MREIT, PAL, Belle Corp., Nickel Asia, and Philex Mining.