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PSE Index Rattled
- By The Financial District
- Mar 7, 2022
- 2 min read
The Philippine Stock Exchange was rattled today and dropped to as much as 183 points before recovering on good news from the Ukraine front and bargain hunters entered in full force to ratchet it to just a 53.94 point or 0.74 percent decline to 7,288.07 points.
Photo Insert: The Philippine Stock Exchange (PSE) Index, March 7, 2022
Even high-flying stock Semirara Mining, whose coal output has seen a big surge in world global prices, dipped to a low of P31.40 before recovering to P34.10 at the close, up by P2.20.
The mining firm has rocketed to new highs after the price of coal went up from $91 per ton to $270 and then to $400 when the Ukraine invasion took a hit for oil prices.
The mining firm's parent company, DMCI Holdings also benefitted, rising 30 centavos to P9.50, one of five stocks that survived the sell-down among the Top 20 active stocks.
The other gainers were ICTSI who disclosed hefty profits last week to close ar P229, up by P2.80, Global Ferronickel, up 36 centavos to P3.10, Nickel Asia, up 46 centavos to P8.76, and Semirara.
Second liners in the mining and oil stocks also went up with the mining sub-index the only gainer, up a hefty 6.54 percent. Industrials lost 2.44 percent, financials, 1.08 percent, holding firms, 0.72 percent, services, 0.18 percent, and property, 0.14 percent.
Market bellwether SM Investments had volatile trading, rising to a low and high of P904 and P931 before closing at P929, down by P3.
Emerging as the most active stock was BDO Unibank which was unchanged at P130, also its opening and high price points although it went down to as low as P124, with trades of P660 million. Metrobank lost P2.85 to P55.30 while Globe and PLDT closed lower at P2,540, down P30 and P1,849, down a peso.
Solar Philippines went down by 13 centavos to P1.99 after hitting a high of P2.18 as investors cashed in their profits and awaited clearer disclosures on its planned share-swap deal.
Property stocks Ayala Land and SM Prime went down by 40 centavos to P37.80 and 30 centavos to P39.50, while Dito CME lost 20 centavos to P5.34 and AC Energy, went down by 7 centavos to P8.06.
