PSE Index Surges

The Philippine Stock Exchange (PSE) index surged today buoyed by the 50 percent rise of an IPO offering and soared to a new milestone level before leveling a milestone lower on profit-taking as shares picked up steam to close at 7,184.72 points, up by 78.71 points or 1.11 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 3, 2021

Hitting a high of 7,210.96 points, the index capitulated on profit-taking as selected stocks rose in mid-trade with market bellwether SM Investments hitting a high of P1,005 before tumbling down to P998, down by P7 as a result.

All other stocks that rose in price also were subjected to profit-taking following the opening trade of All Day to its price freeze of a 50 percent rise from 60 centavos to 90 centavos on a value turnover of P405 million, the second most active stock.

That profit-taking mode was also evident in the surge in Megaworld REIT which closed 12 centavos higher at P18.30 although it had a high of P18.82. Bank of PI emerged as the most active stock with trades of P487 million as it closed P3 higher to P91 after hitting a high of P91.30.

Save for the mining and oil index, which lost 0.34 percent, all other sub-indices were up with financials posting the second-biggest gain at 1.77 percent, after the property index, which advanced by 3.26 percent on the rise in the share prices of Ayala Land, up by P1.30 to P36.25 and SM Prime, up by P1.20 to P34.70. Industrials rose by 0.63 percent, holding firms, 0.19 percent, and services, by 0.13 percent.

Value turnover amounted to P7.519 billion with 104 gainers, 99 losers, and 46 shares unchanged. Jollibee Foods was up by P3 to P232, Ayala Corp. up by P10 to P870, and LT Group, up by 14 centavos to P10.32, while AC Energy was down by 4 centavos to P12.20.

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