PSE Index Continues Climb

The Philippine Stock Exchange (PSE) index today continued its upward climb, bucking a sell-down up to its post-lunch reopening to finish the day another milestone higher at 6,780.78 points, up by 99.31 points or 1.49 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 29, 2022

It is preparing to hurdle its next resistance level at 6,900 points that, with a projected Christmas rally, could eclipse its year-long high above 7,500 points.

Value turnover hit a huge P23.47 billion, almost four times its average with eight of the most active stocks trading more than a billion pesos as some investors profited from their gains and others caught bargains to allow the index to recover from its low of 6,600.02 points after a slow opening at 6,652, which was below Monday's huge payday.

GT Capital emerged as the most active stock with P4.13 billion in trades as it declined by 4.13 percent to P439 followed by Metro Pacific with P3.2 billion in trades as it lost 15 centavos or 4.16 percent to P3.46, then Converge with trades of P2.3 billion as it closed 64 centavos lower or P3.98 down to P15.46.

The five other billion-peso trades were for Ayala Corp with P1.5 billion as it lost P4 to P696, Ayala Land, up P1.55 to P31.50 with trades of P1.4 billion, and Jollibee Foods with trades of P1.2 billion as it closed lower by P4 to P696.

Market bellwether SM Investments surged further by P12 to P939 with trades of P698 million giving hope to investors that the 7,000-point level is within reach. SM had provided the kind of catalyst that the market needed to bolster its chances of hitting the above-7,000 points.

The property sub-index went up by 3.57 percent to power the index to another surge as SM Prime went up by P1.30 to P36.40 to go with the rise in Ayala Land. Holding firms rose by 1.68 percent, financials by 0.67 percent, and services by 1.50 percent while mining and oil lost 0.41 percent, and industrials by 0.77 percent.

PLDT and Globe respectively gained by P42 to P1,752 and P16 to P2,300, while Aboitiz Equity went up by P3.65 to P60, JG Summit by P3.80 to P49.10, ACEN Corp by one centavo to P7.11, ICTSI by P6.10 to P205, and Metrobank by 5 centavos to P57.30.

Among the losers were Meralco, down by P10.20 to P280, Wilcon Depot down 95 centavos to P32.15, and BDO Unibank down 90 centavos to P130.10. There were 88 gainers, 103 losers, and 42 shares unchanged.

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