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The stock market today cheered the reported growth in the country's economy with The Philippine Stock Exchange bucking a tepid start and rising from the middle canto to post a 19.91 points or 0.27 percent increase to 7,273.52 points.
Photo Insert: The Philippine Stock Exchange (PSE) Index, January 27, 2022
The financials and the mining and industrials well as the services and property sub-indices carried the day for the PSE index in an optimistic start to a hopeful weekend that has been pockmarked by the twin challenges from the projected rise in interest rates in the Federal Reserve that could result in portfolio outflows as well as the COVID-19 Omicron variant.
Value turnover was a healthy P6.251 billion with 74 gainers against 102 losers and 62 shares unchanged as the holding firms and mining provided the black spots in the market's trading performance as they posted losses of 0.26 percent and 1.99 percent.
Figaro lost 6 centavos in heavy trading to close at P0.86 with a turnover of P510 million while Security Bank went up by 10 centavos to P105.10, and Solar Philippines continued its uptrend to P2.13, up by 6 centavos.
AC Energy declined by 5 centavos to P9.50 while Monde lost 6 centavos to P16.68, and Market bellwether SM Investments rose a peso to P951.
Metrobank was up P2 to P58, BDO Unibank by P2.40 to P127 while Bank of PI was unchanged at P95. Also unchanged was Universal Robina at P126. PLDT and Globe went up respectively by P8 to P1,848 and P40 to P3,260 while Meralco rose by P2 to P327, and SM Prime lost 20 centavos to P35.
The Philippine economy expanded by 7.7 percent in the last quarter of 2021 as easing mobility restrictions perked up consumer spending and business activities, bringing full-year growth to 5.6 percent and boosting optimism about staging a rapid rebound this year.
“This (2021) growth performance was much faster than most analyst forecasts, making the country’s expansion among the highest in the region. This sends a strong signal that we are on track to rapid recovery despite the impact of typhoon Odette,” Socioeconomic Planning Secretary Karl Kendrick Chua said in a press briefing Thursday, reading a joint statement of the government’s economic managers.
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