PSE Index Bucks Ghost Month

Investors shrugged off the August ghost month phenomenon with a surge in interest at the mid-point of trading to push the Philippine Stock Exchange (PSE) index to 6,434.24 points, up by 28.74 points or 0.45 percent.

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

Opening 20 points higher from last Friday's close, the market declined to as low as 6,370.83 points before bargain hunters came back and pushed up share prices as far as more than three points from its close as big profit numbers were disclosed by listed issues to counter the negative effects of the August ghost month which usually sees the market in decline.

Four of the six sub-indices posted gains after pulsating red signs in mid-trading to showcase optimism at the market's reach. Market analysts see the index's resistance level at 6,600 points and piercing that would lead to the index topping 7,000 points.

Financials rose 1.11 percent as banks reported healthy profits for the second quarter with BDO Unibank up a peso to P117.90, Security Bank by P1.40 to P83.40, and even new IPO entrant Bank of Commerce going up by 11.73 percent as it closed at P9.43, up by 99 centavos on a doubling of its profits to P886 million.

Industrials rose by 0.95 percent, holding firms by 0.55 percent, and services by 0.88 percent, while mining and oil lost 1.76 percent and property was down by 0.74 percent.

Semirara Mining, which hit a recent high of above P40, declined on profit taking to P39.50, down by P1.50 on trades of P778 million, the top active stock, pushing down the mining and oil index by 1.76 percent while property was down by 0.74 percent as property giants Ayala Land and SM Prime respectively closed lower by 70 centavos to P25.20 and 10 centavos to P36.60.

Market bellwether SM Investments also closed P2 lower to P778 on profit-taking with value turnover above the average at P7.913 billion with 113 gainers, 55 losers, and 55 unchanged including Jollibee, which closed at P214.80 and Converge at P20.

Among the big gainers were Monde, up 32 centavos to P16.12, Robinsons Land up 70 centavos to P17.70, Globe, up P60 to P2,070, ACEN, up 4 centavos to P17.70, Emperador up 12 centavos to P19.14, and Ayala Corp, up P18 to P715.

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