PSE Index Heats Up, Then Cools Down

The Philippine Stock Exchange (PSE) index today heated up, surging to a new milestone before investors cashing in their gains brought it down to earth, closing 38.90 points lower or 0.55 percent to 7,068.92.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 13, 2021

Investors gobbled up shares in early trade as the market opened 15 points higher from its Tuesday close generating enough excitement to push the index to a high of 7.159.42 points before crumbling 129 points and recovering 30 points at the close in hefty trading amounting to P11.933 billion with 89 gainers, 111 losers and 48 shares unchanged.

Converge, AC Energy and Monde were the top traded stocks with value turnover of P1.53 billion, P1.14 billion, and P936 million respectively as they soared higher until close to the end of trading and had price corrections on profit-taking.

Converge rose to a high of P35.20 before tumbling down to P30.60 and closed at P32.10, a loss of P2.85 or 8.15 percent.

AC Energy hit a low of P11.30 after soaring to P13 and closed 80 centavos lower or down 6.19 percent to P12.12 while Monde closed at P17, down 70 centavos but it had a high of P18 and a low of P16.50.

Semirara Mining, which nudged the mining and oil sub-index to a gain of 2.55 percent at its high P30.50 after going down to a low of P28.55 on speculative fever on its cash dividend yield equivalent to 10 percent.

Market bellwether SM Investments went down by P24 to P975 while Globe and PLDT posted gains respectively of PP48 to P3,198 and P10 to P1,630. Metrobank rose by 10 centavos to P49.70 while PNB gained 65 centavos to P21.85 resulting in the rise in the financials by 1.29 percent.

Property also went up by 0.56 percent while the losers were industrials, down by 1.80 percent, holding firms, 0.94 percent, and services, by 0.76 percent as ICTSI lost P4.10 to P174.50.

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