PSE Index Soars

The Philippine Stock Exchange (PSE) index today soared on cue from the rise in the US markets with the perceived cooling-off in inflation that investors flocked back to the market due to expected dovish stance now of the US Fed, resulting in a 119.20 points or 1.93 percent rise to 6,288.77 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 11, 2022

All sub-indices flew high with the holdings firms up by 2.74 percent followed by property with 2.73 percent, mining and oil by 2.03 percent, Financials by 1.56 percent, industrials by 1.22 percent and services by 0.71 percent.

Gainers were more than double the losers at 125 to 58 with 40 shares unchanged. Value turnover though was below average at P4.91 billion.

Actually, the index even went up to two milestone levels to 6,349.26 points before investors cashed in their gains resulting in a big decline to 6,272.20 points. Investors cheered the report of a tamer inflation figure in the United States which augur well for lower or unchanged interest rates which will hurt the economy.

The surge in share prices were indicated by just two issues posting losses among the Top 20 active stocks. These were PLDT, which went down by P6 to P1,530, and Security Bank, which declined by 95 centavos to P87.

Market bellwether SM Investments rose by P38 to P825, up by 4.83 percent on trades of P264 million.

BDO Unibank emerged the most active with trades of p368 million as it gained 60 centavos to P133.40, followed by Ayala Land, which was up by 75 centavos to P26.90, with trades of P351 million, and Bank of PI, up P2.30 or 4.83 percent to P93.90 with trades of P274 million.

Semirara Mining gained P1.10 to P30.70, Globe Telecom, up by P2,300, ICTSI, up by P1.50 to 178.20, Jollibee Foods, up P5.40 to P28.40, Emperador, up 50 centavos to P20.60, and Converge up 50 centavos to P11.50.

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