PSE Index Recovers Lost Ground

The Philippine Stock Exchange (PSE) index today recovered lost ground on bargain hunting closing 128.86 points or 1.81 percent higher showing a flickering stab at a Christmas rally as value turnover was below average.

Photo Insert: The Philippine Stock Exchange (PSE) Index, December 23, 2021

All sub-indices were up in a big way with the index opening at its low point and surged on as trades continued ending at its highest point, investors discounting the risks from typhoon Odette's devastation in Visayas and Mindanao due to the last quarter economic recovery in metro manila that accounts for 70 percent of GDP.

Value turnover, though was below normal, at p4.61 billion with 116 gainers, 58 losers, and 49 shares unchanged as many investors remained tentative on the market's breadth.

Holding firms posted the biggest gain with a rise of 2.63 percent followed by property which went up by 2.19 percent and mining and oil index up by 1.28 percent. Financials rose by 0.83 percent, industrials by 0.67 percent, and services by 0.66 percent.

Market bellwether SM Investments rose by 3.82 percent or by p36 to p979 with Metrobank emerging as the top traded stock with p535 million as it surged by 3.58 percent or p1.90 to p55, followed by AC Energy with a much higher rise of 4.72 percent or 50 centavos to p11.10.

Monde was also up by 8 centavos to p15.98 while Megaworld advanced by 12 centavos to p3.18.

PLDT, GT Capital, and Universal Robina were the only losers of the top 20 active stocks PLDT closed p23 lower to P1,847, GT capital by p8 to p560.50 while Universal Robina was shaved by 10 centavos to p129.90. century food was unchanged at p26.40.

Among the gainers were Ayala Land, up p1.30 to p35.30, BDO Unibank, up p1.60 to p123.80, SM Prime, up 40 centavos to p35.35, Ayala Corp, by p24 to p877, Aboitiz Equity up 85 centavos to p58.05.

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