PSE Index Surges To New High

The Philippine Stock Exchange (PSE) index today surged to a new high as it pierced its resistance level at 6,600 points with all sub-indices posting hefty gains to close at 6,680 points, up by 280.84 points or 3.23 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, August 11, 2022

Property giants Ayala Land and SM Prime, the most active stock with trades of P737 million and P709 million respectively, powered the index to a new high as investors shared optimism on the Bangko Sentral data of net foreign investment inflows plus the assertions from economic managers on an upcoming vibrant economy.

ALI closed 6.45 percent higher to P28.05, up by P1.70 while SMPH gained P1.35 to P39, a rise of 3.59 percent to push the property sub-index up by 4.47 percent.

All the Top 20 most active stocks were in the green, the first time in recent memory that such gains were plastered in the index. For a while, the rise was tempered by declines in some sectors but even with the low point of 6,505.74 points already above Wednesday's close.

Market bellwether SM Investments rose by 4.45 percent to P845, up by P36 on trades of P401 million while Ayala Corp gained P13 to P720, Metrobank by 90 centavos to P50.90 and Security Bank by P4.20 to P86.95.

Holdings rose by 3.25 percent, financials by 1.75 percent, industrials by 2.51 percent, services by 3.20 percent, and mining and oil by 2.14 percent.

Value turnover was 30 percent above average at P8.625 billion with 144 gainers, 51 losers, and 43 shares unchanged. Market analysts see a possible retreat Friday after the big surge in share prices.

Among the gainers were Aboitiz Equity, up by P2.35 to P59.70, ICTSI up P6 to P184, Converge up 65 centavos to P20.95, Jollibee Foods up by P15 to P233, and Wilcon Depot, up 75 centavos to P29.15.

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