PSE Index Hits Milestone Level

The Philippine Stock Exchange index today hit a new milestone level closing at 7,203, for a muted rise of 36.45 points or 0.51 percent, but which could provide the needed breakthrough as foreign investors trickle in with the hopes of a possible end to hostilities in Ukraine.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 31, 2022

Market bellwether SM Investments showed the way for a possible bump up of the PSE index to the 7,300-point milestone as it closed at its highest price point of P909 for a P11 rise after hovering below P900, and even hitting its lowest of P885.80.

The PSE index also ended the day at its highest price point as investors started coming in in the last canto.

Value turnover amounted to a healthy P7.81 billion with 110 gainers,83 losers and 49 shares unchanged with the property sub-index posting the lone loss among the sub-sectors.

The financials were up 0.78 percent, industrials, 0.68 percent, holding firms, 1.03 percent, services by 0.67 percent, and mining and oil, which was pulsating with a red sign until last-minute buying shoved it up by 0.38 percent.

Ayala Land emerged as the top traded stock with P587 million in trades but it closed 55 centavos lower to P35.05, while SM Prime closed 5 centavos lower to P37.85 resulting in the decline in the property sub-index by 0.65 percent.

Semirara Mining went up at the close to push the mining and oil index into the gain section as it went up by 25 centavos to P30.70.

Investors, while still tentative, with the market, see a boon in the earnings of blue chips, and with the Ukraine crisis about to be resolved, they see a possible bullish trend as the economy opens up. Despite the persisting spike in inflation with the rise in energy prices, investors have begun trooping back to the market.

Optimism resulted in the rise in the share price of Bank of Commerce, whose stock started trading today after its IPO. It closed the day 22 centavos higher than its IPO price of P12 with P306 million in trades.

Solar, a recent IPO, closed lower by 2 centavos to P1.91 as investors weigh on the effects of its stock rights offering. The other losers included Globe Telecom down by P40 to P2,540, Monde, down 18 centavos to P13.70, and BDO Unibank, down 30 centavos to P132.70.

Among the gainers were Jollibee, up by .P1 to P225, PLDT, up P10 to P1,850, Metrobank, up P1.35 to P57, Wilcon Depot, up 75 centavos to P27, AC Energy, up 20 centavos to P8.73, Bank of PI, up P1.10 to P99.60, Converge, up 40 centavos to P30.20, Ayala Corp, up P11 to P824, and ICTSI, up P2.80 to P224.80.

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