Share prices surged 104 points Tuesday on the first trading day of the year, with the benchmark Philippine Stock Exchange index closing at 6,553.04 points.
“We welcome 2024 with hopes of a better performance for the stock market. We are also optimistic that our regulator will continue to support the initiatives we will introduce to boost participation and liquidity in the market,” PSE president and CEO Ramon S. Monzon said.
“The possibility that inflation would settle within the 2-4 percent target of the government in December lifted market sentiment. Investors were also waiting for economic data set to be released this week, including the S&P Global Philippines Manufacturing PMI and labor force survey,” Claire Alviar, research analyst at Philstocks Financial Inc. said.
Total volume of shares remain anemic, however, valued at only P3.65 billion.
Most sub-indices ended on the green, led by the broader All Shares index that rose 41.38 points to 3,465.97. The Financials index gained 7.73 to 1,746.61, the Industrial index increased 85.71 to 9,161.62, the Holding Firms index surged 217.37 to 6,323,37, the Services index was up 37.45 to 1,642.44, the Mining and Oil index fell 114.50 and the Property index declined 19.33 to 2,835.61.
SM companies proved the top traded firms for day. SM Investments Corp. gained P10 to close at P882, but property developer SM Prime Holding Inc. lost P0.60 to P32.30 and lender BDO Unibank Inc. fell P2.70 to P127.80. Solar firm SP New Energy Corp. rose P0.02 to P1.34, Metropolitan Bank and Trust Co. added P1.85 to P53.15 and Ayala Land Inc. was up P0.10 to P34.55.
Top gainers include Anchor Land Holdings Inc., Paxys Inc., Berjaya Philippines Inc., Aboitiz Equity Ventures Inc., AbaCore Capital Holdings Inc. and Xurpas Inc.
The top losers counted Lodestar Investment Holdings Corp., Roxas Holdings Inc., Metro Alliance Holdings and Equities Corp. A, Global-Estate Resorts Inc., Jolliville Holdings Corp., Raslag Corp. and SBS Philippines Corp.
