PSE Index Recovers

The Philippine Stock Exchange (PSE) index today recovered on cue from the US markets and an upsurge in bargain hunting on PLDT stocks that were clobbered before, to swing to a new milestone level of 6,520.80 points, up by 62.68 or 0.97 percent in what could be a possible Christmas rally.

Photo Insert: The Philippine Stock Exchange (PSE) Index, December 21, 2022

PLDT rose on bargain hunting after it was clobbered for the P48 billion budget crisis, rising by 5.04 percent to P1,250 a gain of P60 emerging again as the most active stock with P1.09 billion in trades.

Alliance Global followed with a 40 centavo or 3.64 percent rise to P931.8 million and then by BDO Unibank which went up by P1.60 to P109 on P218 million in trades.

Except for the services sub-index which lost a smallish 0.05 percent due to ICTSI's loss of 3.97 percent to P195.90 or a gain of P8.10, all others posted significant gains after the US markets posted a gain after four days of losses and the recovery of PLDT shares.

Financials went up by 2 percent, industrials by 0.47 percent, mining and oil by 3.54 percent property by 1.24 percent, and holdings firms by 0.83 percent as market bellwether SM Investments posted a P4 gain to P909.

Value turnover was about the average at P5.996 billion with 103 gainers, 68 losers, and 46 shares unchanged.

Among the gainers were Bank of PI, up P2.50 to P100.50, SM Prime, up 80 centavos to P25, DM Consunji, up 34 centavos to P11.24, Metrobank, up P1.30 to P55.80, Semirara Mining, up P1.40 to P34.90, ACEN Corp up 18 centavos to P7.48, Metro Pacific up 3 centavos to P3.47, and Globe Telecom, up P30 to P2,210.

The losers were Jollibee Foods, down 80 centavos to P230 and Ayala Corp, down P3.50 to P699, while Ayala Land was unchanged at P29.90.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic