PSE Index Surges

The Philippine Stock Exchange (PSE) index today surged on huge corporate earnings of listed issues that pushed it to a huge 110.05 points or 1.78 percent rise to 6,295.58 points, just less than five points away to another milestone level as investors cheered the reports of higher earnings by corporates indicating renewed economic vigor past pre-pandemic levels.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 7, 2022

Port operator ICTSI soared to a new high of P191 but settled a peso lower at the close for a P12.20 increase or 6.88 percent with trades of P645 million to emerge top traded stock after investors bought shares on reports of its 20 percent rise in revenues of $1.64 billion netting it $465.1 million.

Similarly, SM Prime got investors' attention with its disclosure of a 41 percent gain in its income to P22 million with trades of P240 million, the third top-traded stock. BDO Unibank was the second most active stock with trades of P491 million as it closed at P130, P3 higher or up 2.36 percent.

Only the mining and oil sub-index posted a loss as the five others went up with property up by 3.45 percent, services up by 1.78 percent, holding firms up by 1.32 percent, industrials by 1.15 percent, and financials up 0.77 percent.

Total value turnover, however, was still below average at P4.4 billion with 117 gainers, 62 losers, and 50 shares unchanged.

Second liners rose as investors took notice of the perceived economic recovery with Wellex posting a 14.89 percent rise as it went up by P0.035 to P0.27, Holcim Philippines up 5.63 percent to P3.94, up by 21 centavos, and System Grid up by 4 centavos to P11.46.

There were seven losers and two unchanged in the Top 20 traded stocks with market bellwether closing at P835 and Aboitiz Equity at P57.26, the same as their Friday close.

The losers were Bank of PI, down by 5 centavos to P96.95, Semirara Mining down P1.10 to P33.05, Converge, down 12 centavos to P11.90, PLDT down P15 to P1,599, Meralco down P1.40 to P308, GT Capital down P6.20 to P402.60, and Metro Pacific down 4 centavos to P3.63.

The other gainers were Ayala Corp up P31 to P657, Jollibee Foods up 80 centavos to P229, Universal Robina up P1.90 to P128.50, Globe Telecom up P4 to P2,304, JG Summit up P2 to P45.80, Emperador up 18 centavos to P19.90, and Metrobank up 5 centavos to P52.20.

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