PSE Index In Bullish Momentum

The Philippine Stock Exchange (PSE) index today surged to a bullish momentum closing at its highest, 6,833.53 points, up by 124.19 points or 1.85 percent, and is less than 17 points away from piercing its resistance level.

Photo Insert: The Philippine Stock Exchange (PSE) Index, January 12, 2023

Gainers were almost double the losers and with value turnover 27 percent higher as investors cherry-picked blue chips that have gone down before as optimism over the market remains buoyant.

Only the mining and oil sub-index declined, closing 1.13 percent lower as Semirara Mining and NickelAsia declined by 70 centavos or 1.97 percent to P34.90 and 16 centavos or 2.37 percent to P6.60, respectively.

Financials rose by 2.18 percent, industrials by 1.02 percent, holding firms by 1.52 percent, services by 0.98 percent, and property by a hefty 3.65 percent on the back of property giants SM Prime gaining P1.65 to P37.90 and Ayala Land up a peso to P31.

Cemex Holdings posted the biggest gain of 23.81 percent as it closed up to P0.78, a rise of 15 centavos on trades of P32 million while construction innovator, Megawide gained 5.39 percent to P3.52, up by 18 centavos on trades of P53 million, and Axelum Resources perked up to P2.98, up by 14 centavos.

BDO Unibank emerged most active with trades of P577 million as it closed P4.10 higher or up 3.73 percent to P114, followed by market bellwether SM Investments with trades of P415 million as it rose by P4 to P904. Port operator ICTSI, up by P3 to P203, came in next.

PLDT and ACEN Corp were the day's losers closing P15 lower to P1,405 and 6 centavos lower to P6.95 respectively while Globe Telecom, Emperador, and Century Pacific closed unchanged at P2,060, P20.15, and P24.

All others in the Top 20 most active stocks posted significant gains with 115 shares up and 62 losers and 48 shares unchanged with value turnover hitting P7.67 billion.

Among the gainers were Jollibee Foods, up 40 centavos to P242, Ayala Corp., up P24.50 to P732, Wilcon Depot, up P1.30 to P32, Bloomberry, up 6 centavos to P9.26, Converge, up 30 centavos to P18.50, GT Capital, up P16.60 to P462, Monde, up 42 centavos to P13.38, and DM Consunji up 38 centavos to P12.18.

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