PSE Index Recovers

The Philippine Stock Exchange index today recovered with a fractional gain with the holdings sub-index accounting for a positive close at 6,474.53 points, up by 7.52, or 0.12 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, June 14, 2022

Market bellwether SM Investments towed the index-heavy holdings to a 1.64 percent gain, that with a smallish rise in the mining and oil of 0.70 percent, overcame the losses in the financials of 0.15 percent, industrials of 0.87 percent services of 0.76 percent and property of 0.96 percent.

The index scoured the depths today hitting a bottom of a milestone drop to 6,384.41 points after a weak opening of 51 points lower.

Investors immediately took advantage of the small decline to sell down stocks hitting blue chips until bargain hunters came in before the close to nudge the index to an optimistic outlook for Wednesday.

SM hit a new low of sub-P800 at P796 before clawing back its early losses to finish with a gain of P24 to P830. It opened a peso higher and immediately lost momentum as the trading hours progressed to close at its top price.

Property giants Ayala Land and SM Prime emerged as the most active stocks with the former ending with a 70-centavo loss to P777 million while SM Prime recovered to close unchanged at P660 million.

ICTSI lost P5 to P195 on a heavy volume of P660 million while the top gainers were PhilWeb, which closed up 13.55 percent as it gained 55 centavos to P4.61 on trades of P59.4 million, while the second top gainer was Araneta Properties, which rose by 10.33 percent on trades of P8.02 million, closing 18 centavos higher to P1.89.

Value turnover amounted to P5.6 billion, 400 million shy of its average with losers dwarfing gainers 118 to 62 with 44 shares unchanged.

Among the gainers were DMCI Holdings, up 7 centavos to P8.52, Bank of PI up 80 centavos to P93.45, Semirara Mining up 60 centavos to P34.50, PLDT up P54 to P1,850, Aboitiz Equity up P1.60 to P51.10, and Aboitiz Power up 10 centavos to P30.

The losers included Jollibee, down P1.10 to P199.50, Globe down P30 to P2,298, Metrobank down 55 centavos to P49.60, Converge down 35 centavos to P22.15, Monde down 50 centavos to P14.10, BDO Unibank down 30 centavos to P124.40, and Universal Robina down a peso to P100.

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