PSE Index In Another Slight Rise

The Philippine Stock Exchange (PSE) index today posted another slight rise after bargain hunters came in to take out the sting of a looming decline after market recess, to push it to a close of 6,630.97, a gain of 27.82 points or just by 0.42 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 29, 2023

The figure is a nonetheless optimistic note as it is the day's highest price point.

In what could be a testament to the local banking industry's status being divorced from the ongoing banking crisis in the West, the financials led the gainers in the sub-indices with a respectable 1.13 percent surge as BDO Unibank, the second most active stock with P342 million in trades, closed higher by 2.39 percent to P128.50, up by P3.

Metrobank went up by 2.37 percent to P58.35, an increase of P1.35 to offset the losses of Security Bank, down by 0.50 percent or 45 centavos to P90.15, and that of Bank of PI, down by 0.69 percent to P101.10, down by 0.69 percent or 70 centavos.

Industrials lost 0.57 percent, while holding firms rose by 0.42 percent even with the decline in the share price of market bellwether SM Investments, the most active stock with trades of P467 million, as it closed P6.50 lower to P909.

Jollibee Foods was the third most active stock with P242.4 million in trades as it posted a loss of P4.60 to P219.

Among the gainers were Solar Philippines which gained another 3 centavos to P1.77 and Metro Pacific, which rose also by an identical 3 centavos to P3.85 following the disclosure of the entry of the latter into the former with a P2 billion purchase of Solar's secondary shares and with and with an option to increase investment in the renewable energy firm.

The other gainers were PLDT, up by P12 to P1,380, Ayala Land, up 45 centavos to P28.90, Semirara Mining, up 20 centavos to P33.05, JG Summit, up P1.70 to P52.50, and DM Consunji, up 32 centavos to P11.86.

The losers among the Top 20 active stocks were Globe Telecom, down P6 to P1,844, Ayala Corp, down P6.50 to P659, AREIT, down P2 to P32.30, ICTSI, down 20 centavos to P214, ACEN Corp, down 8 centavos to P6.42, and Meralco, down P3.40 to P303.

Universal Robina was unchanged at P147. There were 76 gainers against 100 losers and 55 shares unchanged with value turnover more than double at P13 billion.

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