• By The Financial District

Bargain Hunters Lift PSE Index

Bargain hunters lifted The Philippine Stock Exchange index back to the 7,000-point milestone level, finishing at 7,018.02 points, up by 91 points or 1.33 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, April 8, 2022

All six sub-indices were in positive territory as investors ratcheted up their buying on blue chips and second liners that have declined the most in last Thursday's debacle that saw the index slipping below the 7,000-point milestone.

Services led the gainers with a 2.45 percent rise, followed by property with 1.90 percent, then financials, up 1.51 percent, mining and oil by 1.41 percent, industrials by 1.16 percent, and holding firms by a smallish 0.03 percent.

The small rise in the holdings sub-index arose from the decline in the share price of market bellwether SM Investments, which lost P5 to P865 on trades of P415 million, emerging as the most active stock.

Fear still grips the market with the continuing Ukraine crisis that nudged the energy prices to new levels that heightened the inflation spike in the United States, where the Federal Reserve is dusting its interest rate policy that has been termed as a late maneuver.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

That fear was echoed in the low P4 billion value turnover, which is just 60 percent of its average volume. Of note in the trading today was the entry of San Miguel to the top 20 active stocks as it posted a 50-centavo rise to P109.

Metro Pacific was up by 8 centavos to P3.82, ICTSI up by 80 centavos to P28.65 and Semirara Mining, up by 45 centavos to P31.45.

Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

BDO Unibank, Bank of PI and Metrobank posted gains of P2.50 to P132.50, P2 to P98.50 and 45 centavos to P54.50. The other gainers included Ayala Corp., up by P8 to P778, PLDT, up by P45 to P1,840, Globe up by P126 to P2,480, and Converge up by 80 centavos to P28.65.

There were 101 gainers, 66 losers, and 54 shares unchanged. Among the losers were Jollibee down by 60 centavos to P219.40, and Solar Philippines, down by a centavo to P1.79.

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