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PSE Index Soars
- By The Financial District
- Apr 20, 2022
- 2 min read
The Philippine Stock Exchange index today soared on bargain-hunting, going up by an impressive 1.49 percent or 104.68 points to 7,142, though there is still that unmistakable lack of foreign investors owing to the expected rise in the US Fed rate that would result in the outflow of foreign funds from emerging countries like the Philippines.
Photo Insert: The Philippine Stock Exchange (PSE) Index, April 20, 2022
Save for the mining and oil sub-index which posted a 0.46 percent decline, all others were up. Property gained the most with a 2.88 percent increase as Ayala Land posted a P1.60 increase to P35.60, and SM Prime rose by 95 centavos to P38.20.
The financials posted the second-biggest advance as BDO Unibank went up by a hefty 2.08 percent to P133.20, up by P2.70, while Metrobank and Bank of PI had respective closing share prices of P55.20, up by P1.60, and unchanged at P99.80.
ICTSI was the most active stock with trades of P351 million as it went up by P6.20 or 2.76 percent to spearhead the rise of the services sub-index by 0.87 percent. Market bellwether SM Investments went up by P5.50 on trades of P265 million as it nudged up the holding firms by 1.12 percent. Industrials rose by 0.31 percent.
Value turnover remained low at P4.816 billion with 98 gainers, 78 losers, and 54 shares unchanged.
The trades are expected to be subdued due to the upcoming rise in the Federal Reserve rate seen at 50 basis points to arrest the inflation spike in the United States. Still, local investors are taking up the slack as they pick stocks with bankable stories.
PLDT, for instance, has upped its share price by P15 to P1,914, on news of its sale of 5,900 cell towers for P77 billion which gives it a bigger budget for its capital expansion expenditures.
The said towers are to be leased back by the telco for its own use. Other gainers were Jollibee, up by P1.60 to P229.60, AC Energy, up by 19 centavos to P8.60, Bloomberry, up by 9 centavos to P6.23, and Globe up by P64 to P2,536.
Among the losers were Converge, down by 60 centavos to P30, CTS Global, down 7 centavos to P1.01, Meralco, down by P1.40 to P355, GMA 7, down by P1.38 to P14.50, while Robinsons Land and Metro Pacific were unchanged at P19.90 and P3.88.
