PSE Index Posts Hefty Gain

The Philippine Stock Exchange (PSE) index marched to a hefty gain of 65.58 points or 1.11 percent to 5,970.33 points as investors shrugged off the US interest rate hikes and bet on the rise in corporate incomes.

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

At one point it was actually poised to hit a new milestone level were it not for the investors pocketing their gains in the bank shares.

Shares were up mostly and all sub-indices were flashing green until mid-trade when investors cashed in on their bank shares resulting in a decline in Financials at end of trade, down by 1.19 percent.

BDO Unibank went up to a high of P122.70 but closed at P118, down by P2 while Bank of PI went up to a high of P92.05 and closed a peso down to P90.50. Metrobank hit a high of P50.55 but closed at P49.50, down by 55 centavos.

Industrials lost a bit, down by 0.09 percent while holding firms surged by 2.27 percent, property by 2.26 percent, mining and oil by 1.33 percent, and services by 0.65 percent. Value turnover was 10 percent above average at P6.638 million as investors trooped back to the market on the rise in corporate income with the opening of businesses after the catastrophic pandemic results.

There were 87 gainers a d 76 losers with 49 shares unchanged with SM Prime emerging as the top traded stock with P276 million as it closed P1.20 higher to P33, followed by Semirara Mining with P276 million as it closed a peso higher at P41.50.

Ayala Land also went up by 45 centavos to P23.95 on trades of P231 million.

Globe Telecom and Emperador were unchanged among the top 20 active stocks closing respectively at P2,200, and P19.60. Market bellwether SM Investments surged by 4.86 percent closing P37 up to P799 while DM Consunji rose by 4.33 percent or 44 centavos to P10.60.

Universal Robina went up by 10 centavos to P112, Jollibee Foods rose by a peso to P232, PLDT by P20 to P1,450, Converge by 30 centavos to P12.80, and Aboitiz equity by 10 centavos to P58. Monde was down by 42 centavos to p11. 08, Robinsons Retail, down by P2.30 to P52.50, Ayala REIT down by 25 centavos to P31.

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