PSE Index Rises

The Philippine Stock Exchange (PSE) index today rose to another milestone level to 6,602.17 points, a gain of 65.81 points or 1.007 percent as investors cheered the Bangko Sentral ng Pilipinas pronouncement that local banks are insulated from the fallout from the unraveling global banking crisis.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 24, 2023

Only the mining and oil sub-index posted the lone loss of 0.24 percent with the services gaining the biggest with 2.33 percent, while industrials rose by 0. 92, holding firms up by 1.14 percent, financials gained 0.14 percent, and property by 0.39 percent.

Value turnover, though, was low at p4. 67 billion in a day that saw Alternergy holdings IPO close at the same offer price of P1.28 though it opened lower at P1.22 and had a high of 1.30 with trades of P200.4 million.

ICTSI emerged as the most active stock with p417. 4 million as it surged by 6.07 percent to P213.20, up by P12.20 followed by Bank of PI with trades of P383 million as it went down by P4 to P101.50, a 3.79 percent loss.

Market bellwether SM Investments was the third most active with P326 million as it gained P5 to P905. There were 102 gainers, 82 losers, and 43 shares unchanged.

Analysts see the PSE index piercing its resistance at 6,750 points after some sideways movement as the Bangko Sentral assurance on the health of local banks resonates.

The BSP raised its interest rate by 25 basis points to be in step with the Federal Reserve of the US as central banks grapple with the inflationary spiral that ribs citizens of their purchasing power.

Among the gainers were Ayala Land up 15 centavos to P28.50, BDO Unibank up by P3 to P127, Universal Robina, up P5.80 to P146.80, Ayala Corp, up by P32 to P666, Globe Telecom up by P2 to P1,850, Solar Philippines, up by 2 centavos to P1.70, Jollibee Foods, up by P2.20 to P225.20, Metrobank, up by P1.30, ACEN Corp, up by 16 centavos to P6.42, AgriNurture, up by 23 centavos to P7.63, Metro Pacific, up by 8 centavos to P3.63, and Robinsons Land, up by 40 centavos to P14.14.

The losers in the top 20 traded shares were Bloomberry, down 10 centavos to P9.01, PLDT, down by P9 to P1,350, and Meralco, down by P7 to P300.40. SM Prime and Alternergy were unchanged respectively at P34 and P1.28.

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