PSE Index Picks Up Steam

The Philippine Stock Exchange index today picked up steam advancing a hefty 96 points or 1.37 percent to 7,122.45 points as investors pushed up banking stocks before the close on optimism on the economy.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 17, 2022

Gainers overwhelmed losers 123 to 62 with 49 shares unchanged. The financials sub-index posted the biggest gain of 3.39 percent as BDO Unibank added p3.80 to p133 emerging most active stock with trades of p601 million, while Bank of PI rose p4.90 to p99.90.

Metrobank gained p1.95 to p54.20 as the banking sector is seen to further their gains with reopening of the economy on alert level 0.

The property sub-index went up by 1.31 percent from its 0.62 advance at market recess with SM Prime up by 15 centavos to p531 million and Ayala Land rising by 95 centavos to p36.55.

The other gainers were industrials up by 0.52 percent, holding firms by 0.64 percent, and services by 1.90 percent. Mining and oil was the lone loser with a 1.30 percent decline.

Value turnover remained above average at p7.5 billion as investors are discounting the rise in the US interest rates with assuring words from Bangko Sentral governor Benjamin Diokno that the country's growth rate will be higher than the rise in debts now at 12 trillion pesos.

Among the gainers were market bellwether SM Investments, up p6 to p906, Globe, up by p62 to p2,342, AC Energy, up by 28 centavos to p9.43, GT Cap, up by p17.50 to p527.

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