PSE Index Recovers

The Philippine Stock Exchange (PSE) index today recovered, recouping its losses with a 41.82 point rise or 0.61 percent to 6,923.08 points, still on target to hurdle the 7,000-point milestone level.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 8, 2023

The higher inflation rate in December remained a problem and volatility persisted, however, with investors now training their guns on mining stocks which have declined in the past trading days.

NickelAsia and Semirara Mining closed at their highest price point at P7.44, up by 31 centavos and P31.75, up by P1.50 with hefty gains of 4.35 percent and 4.09 percent, respectively, and were part of the top 20 most active stocks as investors bet their market buys on the projected decline in the peso as it again went down to the P55 to $1 level.

The volatility in the stock market is also evident with market bellwether SM Investments, which emerged as the most active stock with trades of P361 million, going down to P909, a loss of P6 though it hit a high of P923 and a low of P905.

The decline in SM Investments led to the 0.48-percent loss for the holding firms, the only blot in an otherwise optimistic turnout for the market that saw Ayala Land and Metrobank come up as the second and third most active stocks with trades of P248 million and P234 million as both went up, respectively by 15 centavos to P29.20 and P1.10 to P59.80.

Financials went up by 1.58 percent, industrials by 0.66 percent, services by 0.67 percent, mining by 3.48 percent, and property by 1.34 percent.

Value turnover was a bit above average at P6.28 billion with 115 gainers, 66 losers, and 53 shares unchanged. Market breadth was positive with second liners also rising in their share prices that include even the oil exploration stocks.

There were just four losers in the most active list, namely PLDT, which went down P15 to P1,395, Universal Robina, down a peso to P147, Globe Telecom, down P24 to P2,090, and SM Investments. Metro Pacific was unchanged at P4.15.

The gainers were Ayala Corp, up P4 to P714, Union Bank, up 90 centavos to P91, Robinsons Land, up 34 centavos to P16.42, Figaro Coffee, up 12 centavos to P1.02, BDO Unibank, up P2 to P126, DM Consunji, up 18 centavos to P11.90, ICTSI, up P5.40 to P212, Security Bank, up P3.90 to P99.35, Solar Philippines, up 4 centavos to P1.54, and Monde, up 40 centavos to P812.72.

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