PSE Index Still In Bullish Mode

The Philippine Stock Exchange (PSE) today perked up anew in a bullish mode that saw it peak, allowing investors to profit from their gains but still ending up at a new milestone level.

Photo Insert: The Philippine Stock Exchange (PSE) Index, January 16, 2023

Investors returned to the market with a vengeance, seeing gainers double that of losers as it closed at 7,045 points, a rise of 93.94 points or 1.35 percent.

Opening just a tad higher than its explosive Friday close, the index raced to a high of 7,132 allowing some investors to pocket their gains. Metrobank, for example, saw its share price hit a high of P59.60 before closing at P58.55, down by 45 centavos.

SM Prime raced early to a high of P38.90 before buckling under a sell-down pressure to close 20 centavos lower at P37.75 and Converge closed at P17.68, down by P1.52 though it had a high of P19.98.

Still, investors came in strong with value turnover at P10.22 billion, the first time it hit double-digits with gainers double that of losers, 138 to 65 with 46 shares unchanged.

Market bellwether SM Investments opened at P911, its lowest price point, and went to as high as P962.50 before closing at P947 still a gain of P39, the second most active stock with trades of P791 million with BDO Unibank emerging most active stock with trades of P1.04 billion as it closed 5.46 percent higher or up P6.50 to P125. Port operator ICTSI gained P2 to P210 with trades of P528 million.

Financials rose by 2.8 percent, industrials, by 0.32 percent, holding firms were up by 2.43 percent, and property rose by 0.37 percent. Services went down by 0.10 percent and the mining and oil index was down by 0.70 percent.

Bank of PI rose by P2.40 to P112.40, Union Bank went up by P4.50 to P92, Robinsons Land lost 4 centavos to P14.96, while Universal Robina declined by P5.20 to P144.60.

Among the gainers were GT Capital, up by P17 to P481, Jollibee Foods ,up by P3 to P248, Aboitiz Power, up by P1.30 to P39.30, Metro Pacific, up by 6 centavos to P4.01, DM Consunji, up by 38 centavos to P12.60, Union Bank, up by P4.50 to P92, Globe Telecom, up by P4 to P2,102, Ayala Corp up by P29 to P768 and, Axelum Resources up by 7 centavos to P3.21.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic