PSE Index Soars

The Philippine Stock Exchange (PSE) index today soared to a new high and appears poised to pierce its resistance level as gainers were three times more than losers as it gained 122.27 points or 1.83 percent to 6,790.24 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, January 9, 2023

The top 20 most active stocks posted gains with two unchanged though they were up in early trades. Market bellwether SM Investments emerged most active stock with trades of P675 million as it closed unchanged at P900 though it had a high of P909.50.

The same was true for Jollibee Foods which was unchanged at P242 on trades of P160.17 million though it traded higher at P247 in the early going.

Market analysts will be watching the Tuesday opening as the PSE index is just within striking distance of going beyond the 6,850-point resistance level that will remove any doubt about a bullish run for the market.

There were 148 gainers against 47 losers and 43 shares unchanged with value turnover a tad higher at P6.4 billion, with almost half made in the last 30 minutes of trading. The PSE index had been in a volatile run and with pulses of optimism that suddenly turn awry as the investors try to gauge the market's trajectory.

PLDT was the second most active stock with P492 million as it rose by P27 to P1,412 followed by ACEN Corp with P334 million as it gained 11 centavos to P7.60. Converge went up 50 centavos to P18.

Financials rose by 2.21 percent as BDO Unibank gained P1.40 to P112.40, Bank of PI, by P5.40 to P106, and Metrobank by 50 centavos to P57.40. Property rose by 1.77 percent as SM Prime rose by 75 centavos to P37.50, Ayala Land went up by 45 centavos to P30.70, and Robinsons Land gained 22 centavos to P15.08.

Bloomberry rose by 10 centavos to P9, ICTSI by P2 to P198, Meralco by P8.80 to P309.80, GT Capital by P6.20 to P446, Ayala Corp by P28 to P712, DM Consunji by 8 centavos to P11.80, JG Summit by P2.35 to P56.10, and Universal Robina by P3 to P140.

Nickel Asia powered the mining and oil index to the biggest gain among the sub-indices with a 3.06 percent gain as the mining firm went up by a sizeable 6.68 percent gain to P6.71, an increase of 42 centavos.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic