PSE Index Surges

The Philippine Stock Exchange index today surged with all sub-indices posting hefty gains to close at 6,379.26 points, up by 142.50 points or 2.28 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, July 28, 2022

With just an 83-point rise during its market recess, the index surged ahead to a new milestone level on optimism with the Peso value going up on the 75 basis point rise in rates by the Bangko Sentral ng Pilipinas and the renewed vigor in the economy as companies reported brisk gains, with some citing profits of pre-pandemic proportions.

The financials towed the index up by two milestone levels as it posted a gain of 3.18 percent after initial jitters on corporate defaults eased. BDO Unibank rose by 2.05 percent or P2.40 to P119.40, Bank of PI went up by a higher 5.52 percent as it closed at P4.80 up to P91.80, while Metrobank rose by 3.49 percent to P48.90 up by 1.65.

Market bellwether SM Investments added P20 to close at P800, up by 2.56 points as it led the holdings sub-index to a 2.70 percent gain. Industrials went up by 0.95 percent, services by 1.91 percent, mining and oil by 1.36 percent, and property by 1.86 percent.

Value turnover, however, remained below average at P4.7 billion but gainers overwhelmed losers 140 to 50 with 40 shares unchanged.

SM Prime emerged most active with trades of P369 million as it added 55 centavos to close at P36.70 while third most active stock Ayala Land, with trades of P256 million, went up by 60 centavos to P25.

Converge had P256 million in transactions as it lost 91 centavos to P19.70 while Globe declined by P30 to P2,070. PLDT rose by P45 to 1,694.

AboitizPower, which disclosed higher profits went up by P1.05 to P32.85 while Ayala Corp gained P20 to P620. The third loser among the top 20 active stocks was GT Capital, which went down by P3.40 to P464.60, while Meralco was unchanged at P366.

The other gainers were Aboitiz Equity up by 4.55 percent or P2.50 to P57.50, ICTSI up by P4.70 to P189.70, Emperador up 10 centavos to P18.94, Semirara Mining up 50 centavos to P41.50, JG Summit up P2.05 to P55, and Universal Robina up 80 centavos to P110.80.

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