PSE Index Soars, Pierces Resistance Level

The Philippine Stock Exchange (PSE) index today soared on prospects of an economic recovery and a tempered inflation rate to pierce the resistance level and close with a comfortable 7,057.45 points, up by 76.21 points or 1.09 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 6, 2021

Value turnover was a hefty P9.546 billion with all sub-sectoral indices posting healthy gains on investors scrambling for blue chip stocks.

The top ten most active stocks accounted for almost half of traded value of P4.7 billion with telco stocks occupying the first three slots: Globe, which rose by P296 to P3,410 with trades of P998 billion, followed by Converge, up by P2 to P44 with P677 million, and PLDT, up by P19 to P1,710 on trades of P657 billion.

Wilcon Depot also rose by 8.10 percent to P31.35, up by P2.35 with trades of P471 million as the expectations of a vibrant fourth quarter from government and foreign sources on economic growth rubbed on the investors' appetite for risks.

Warburg Pincus sees the huge unbanked sector at 70 percent to be a magnet for an economic rise while the Bangko Sentral ng Pilipinas and the National Economic Development Authority see a healthy uptick in the last quarter especially with the Christmas season.

Among the gainers were AC Energy, up by 44 centavos to P12.40, SM Prime by P1 to P33.80, BDO Unibank, up by P2 to P114.50, while the losers included Ayala Corp, down by a peso to P820, and LT Group, down 24 centavos to P9.75.

The property sector posted the biggest gain with a gain of 2.36 percent, followed by services, 2.32 percent, mining and oil by 1.42 percent, financials, by 1.24 percent, industrials by 1.09 percent, and holding firms by 0.15 percent. There were 113 gainers, 92 losers, and 41 shares unchanged.

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