PSE Index Surges

The Philippine Stock Exchange index today surged with five sub-indices in positive territory to return to 7,124.89 points, up by 134.92 points or 1.93 percent as investors picked up blue chips and concentrated on shares of stocks of firms that are seen to profit from the return of a vibrant economy.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 10, 2022

Opening on a positive note, the index coasted to a big finish with the exception of the mining and oil shares which capitulated on investors cashing in their gains.

The financials gained 1.47 percent, industrials by 1.81 percent, holding firms by 2.94 percent, services by 1.83 percent, and property by 0.25 percent. The mining and oil shares lost 1.65 percent.

Investors' risk appetite was buttressed by the signing of a law that allowed one hundred percent foreign ownership in sectors previously reserved for locals resulting in 108 gainers, 80 losers, and 47 shares unchanged with the banking stocks rising on optimism of better earnings outlook.

BDO Unibank went up by P1.50 to P126.90, Bank of PI by P1.75 to P95, Metrobank by P1.30 to P55.05 while market bellwether SM Investments advanced by P37 to P908 with trades of P331 million, the fourth most active stock after ICTSI, which had trades of P619 million as it closed P8 higher to P233.

SM Prime gained 50 centavos to P37.50 on trades of P344 million while Ayala Land had trades of P344 million as it went down by 50 centavos to P36.70.

Value turnover amounted to P7.587 billion with more than half going into blue chips such as Jollibee, which went up by P9 to P239.80, PLDT, which advanced by P12 to P1,845, Globe, by P82 to P2,572, Monde by 80 centavos to P14.30, and Ayala Corp by P15 to P830.

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