PSE Index Recovers

The Philippine Stock Exchange (PSE) index recovered today due to bargain hunting, pushing it to 6,259.95 points, up by 81.35 points or 1.32 percent.

The Philippine Stock Exchange (PSE) Index, October 6, 2023

Investors bought stocks that were hammered on Thursday, although the outlook for a rise in the Bangko Sentral's interest rate influenced investor interest, leading to a muted volume of transactions.

Market bellwether, SM Investments, led the way for bargain hunting, immediately rising to a high of P838 after fluctuating down from its opening of 810.50. It ended the day at P833, a gain of P19.

Monde, which was expected to be impacted by the rise in interest rates, also defied the perceived decline with a surge in its share price to P8.94, up by 5 centavos as bargain hunters picked up prices from its lowest at P8.62.

Analysts mentioned that with the upcoming interest rate hike telegraphed by the Bangko Sentral for November, food prices may rise, potentially leading to lower purchases.

All the sub-indices were in the green, with property accounting for the second biggest rise of 1.65 percent, even as the share price of Ayala Land dropped by 15 centavos to P28.45.

SM Prime gained 3.72 percent to P30.70, up by P1.10, making it the second most active stock with trades worth P268 million. BDO Unibank was the most active at P412 million as it rose by a peso to P139.70.

Value turnover amounted to just P3.86 billion, indicating investors' fear of the rate hike. There were 92 gainers, 90 losers, and 54 shares unchanged.

Financials rose by 0.79 percent, industrials by 0.58 percent, holding firms by 1.47 percent, services by 0.94 percent, and mining and oil by 2.26 percent. Mining stocks showed

Semirara Mining was up by P1.50 to P35, Philex Mining, up by 3 centavos to P2.70, while Atlas remained unchanged at P3.05.

Among the gainers were PLDT, up by P33 to P1,203; Globe Telecom, up by P10 to P1,790; Converge, up by 4 centavos to P9.39; Bank of PI, up by P2 to P109; Jollibee Foods, up by a peso to P221; Ayala Corp, up by P15.50 to P620.50; Aboitiz Equity, up by 10 centavos to P49.40; Emperador, up by 5 centavos to P20.90; and ACEN Corp, up by a centavo to P5.22.

On the other hand, the losers included Security Bank, down by 80 centavos to P77; Metrobank, down by 40 centavos to P52.50; Aboitiz Power, down by 45 centavos to P34.50; and Alliance Global, down by 2 centavos to P11.88. GT Capital remained unchanged at P570.

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