PSE Index Sustains Surge
The Philippine Stock Exchange (PSE) index today resumed its surge and is within sight of a new resistance level at 6,900 points buoyed by the projected Christmas rally that saw more than 70 percent of listed issues in upward momentum, to close at 6,681.47 points, a gain of 74.53 points or 1.13 percent.
Photo Insert: The Philippine Stock Exchange (PSE) Index, November 28, 2022
Value turnover was a third more than average at p8. 6 billion in foreign buying with the mining and oil sub-index benefitting from a huge 4.21 percent rise as Semirara Mining became the target of bargain hunting as it rose by 9.62 percent to P33.60, up by P2.95.
Only the property sub-index posted losses on profit-taking, down by 0.58 percent as investors chew the economic data showing a big plus in revenge spending.
Services gained 3.14 percent bannered by port operator, ICTSI, which went up by 7.05 percent to P198.90, up by P13.10, and the gains in PLDT, which went up P45 to P1,710, Globe Telecom, up P44 to P2,284, and Dito, which rose by 10 centavos to P3.06 on news that it is getting a breather from its payment to PLDT for telco services.
Market bellwether SM Investments, which has been the catalyst for the surge in the index to its new support level of 6,150 points, emerged the most active stock again with trades of P564 million as it rose by 1.87 percent to P927, up by P17, followed by Ayala Corp with trades of P433 million as it went up by P5 to P927, then Ayala Land, which closed at P29.95 up by 55 centavos.
SM Prime went down by 85 centavos to P35.10 as investors pocketed their gains. Financials went up by 0.27 percent, industrials by 0.44 percent, and holding firms by 1.31 percent with gainers hitting 112 shares as against 77 losers and 40 unchanged.
BDO Unibank was down by 50 centavos to P131, Converge, down by 20 centavos to P16.10, and Universal Robina, down by 20 centavos to P132.80. Jollibee foods, which was down by P3 to P249, and SM Prime were the only losers among the Top 20 active stocks.
Among the gainers were gt capital up by P12 to P470, Bank of PI up 30 centavos to P102.40, Meralco up P5.60 to P290.20, Metro Pacific up 3 centavos to P3.61, Monde up 32 centavos to P12.92, and Security Bank up a peso to P97.