PSE Index Recovers

The Philippine Stock Exchange (PSE) today recovered almost half of its two-day losses with bargain hunting perking up share prices to close at 5,934.25 points up by 54.57 points or 0.93 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, September 29, 2022

Investors pushed up all the sub-indices at the start of trade with the index immediately topping the 6,000 milestone level. But, selling pressure pummeled the only loser in today's trading, port operator ICTSI, to close 3.96 percent lower at P174.30, down by P7.20, which also hit the services sub-index.

ICT opened higher than Wednesday's close but selling hit the stock which went up to as high as P182.90 before coming down to earth at P173.60 but emerged the most active with trades of P613.4 million.

Before the sell-down on ICTSI, all the sub-indices were in green territory with the index hitting a high of 6,006.52 points.

Market bellwether SM Investments was the second most active as it gained P27 or 3.68 percent to P760 on trades of P400.8 million, followed by Ayala Land with a 5 centavo increase to P23.10 with trades of P393 million.

Holding firms went up by 2.27 percent, mining and oil by 1.85 percent, industrials by 1.26 percent, financials by 0.79 percent, and property by 0.30 percent. Value turnover amounted to just P5.18 billion indicating the continued fear in the market with the global meltdown that hit stocks and currencies as a result of the surge in the interest rates in the US Federal Reserve to contain its inflationary spike.

The Fed rise also hit the UK pound, which came under pressure on its government's pronounced hike in borrowings. The Bangko Sentral ng Pilipinas has indicated another rise to remove the interest arbitrage opportunities for US bonds.

There were 121 gainers, 76 losers, and 42 shares unchanged with Jollibee Foods posting a rise of P5.60 to P234 on its disclosure of more investments in its Chinese brand.

BDO Unibank gained P2.90 to P 114.10, Bank of PI lost 30 centavos to P90, Metrobank went up by 30 centavos to P48.80, Metro Pacific was up by 10 centavos to P3.45, Globe Telecom down by P26 to P2,084, PLDT up by P28 to P1,509, Converge down by 74 centavos to P14.10, Monde up by 4 centavos to P12.56, ACEN Corp up by 19 centavos to P5.70, Meralco up by P1.40 to P288,60, and Semirara Mining up by 70 centavos to P39.30.

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