PSE Index Surges

The Philippine Stock Exchange index today surged on bargain-hunting and newfound optimism on the market, closing with a respectable 106.59 points or 1.71 percent to 6,345.41 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, June 29, 2022

The hefty gain arose from a surge in buying orders after the index skidded to a low of 6,232.05 points as investors shrugged off the Ukraine crisis pricing the same in their buy orders with value turnover rising above average at P7.45 billion.

Market analysts said that the overweight rating of the Philippine market that Credit Suisse made contributed to the surge in the index as it closed.

Gainers were ahead of losers 121 to 70 with 47 shares unchanged with all sub-indices up save for the financials which declined by 0.29 percent. Services soared by 3.32 percent, mining and oil by 2.97 percent, property by 2.16 percent, industrials by 1.63 percent, and holding firms by 1.42 percent.

Converge emerged as the most active stock with P710.17 million as it went up by 10.83 percent to close at P21.70, up by P2.12, followed by BDO Unibank with P595 million, which closed P1.60 lower to P116.50.

Universal Robina had P483 million in trades as it closed at P106.50, up by P5 or 4.93 percent.

Market bellwether SM Investments rose by a hefty 3.69 percent or P29.50 to P829, while Ayala Corp gained P3.50 to P629.50.

Other gainers were Semirara Mining, up P1.75 to P34.65, PhilWeb up 15 centavos to P6.09, Bank of PI up 60 centavos to P86.10, Globe up P120 to P2,280, SM Prime up by P1.45 to P37.30, PLDT up by P53 to P1,780. Jollibee was unchanged at P200.

The losers included Ayala Land, down 20 centavos to P27.20, JG Summit down P1.15 to P48.85, and Aboitiz Equity down 35 centavos to P51.10.

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