• By The Financial District

PSE Index Recovers

The Philippine Stock Exchange (PSE) index today recovered on bargain hunting amid the optimism that the new variant of COVID-19 named Omicron earlier touted to be more lethal than the Delta variant, is not that deadly after resulting in an increase of 85.48 points or 1.23 percent to 7,032.54 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, December 2, 2021

But the index still hit a bottom of 6,945.99 points before recovering at the close after profit-taking took its toll, shaving more than 30 points at the close. Still, market players remained hopeful, although the market has not regained its posturing for a projected bull run even as the sub-indices all posted green lights.

Market bellwether SM Investments added P15.50 to close at P947.50 on trades of P365 million as the holding firms gained 2.02 percent. The financials were up by 0.34 percent, industrials, by 1.66 percent, services by 0.91 percent, mining and oil by 2.31 percent, and property by 0.39 percent, as SM Prime posted a loss of 30 centavos against Ayala Land's 80 centavo increase or 2.41 percent to P34, on trades of P467 million.

Value turnover was 50 percent more than average at P9.036 billion as the uncertainty remained although initial reports from the United States show that the Omicron-infected US citizen is recovering well. There were 111 gainers, 78 losers, and 50 shares unchanged, that include AllDay which closed at 70 centavos.

Systems Grid advanced by 32 centavos to P14.70, while Keepers lost 3 centavos to P1.48. Monde emerged as the most active stock with trades of P650 million as it lost 24 centavos to P16.76, followed by BDO Unibank which gained P1.30 or 6.32 percent to P119.30. on trades of P573 million.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The other gainers were AC Energy, up by 68 centavos to P11.44, Ayala Corp, up P20 to P828, Globe, up by P44 to P3,180, PLDT, up by P5 to P1,615, and Aboitiz Equity, up by P1.80 to P50.30.

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