PSE Index Surges

The Philippine Stock Exchange (PSE) index surged ahead with investors buoyed by optimism resulting in a healthy rise of 87.15 points or 1.32 percent to 6,678.82 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 24, 2021

That puts the index in line to coast along beyond the resistance level of 6,700 points which if pierced could signal better prospects for the local bourse as it could bring it up beyond the 7,000-point level.

All sub-indices were up with mining and oil finally ending in the green, up 0.90 percent. Holding firms posted the biggest gain at 1.72 percent followed by industrials, up 1.43 percent, property by 1 percent, financials by 0.89 percent, and services, 0.37 percent.

Market bellwether SM Investments rose by 2.28 percent closing at P987, up by P22 while Globe padded its share price by a hefty 4.97 percent or P108 to close at a new high of P2,280 emerging most active stock with trades of P529.

Ayala Land and SM Prime also posted gains of 50 centavos to P33.70 and 30 centavos to P33.44 respectively as gainers outnumbered losers 106 to 83 with 54 shares unchanged. Ayala energy went up by 17 centavos to P9.28 while Converge went down by 45 centavos to P30.

Value turnover amounted to P5.53 billion as investors still await clearer signals before committing their investments but market players said that a key rise tomorrow could bring a much vibrant market.

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