PSE Index Racks Up Another Rise

The Philippine Stock Exchange (PSE) index today racked up another gain, even with the decline in financials and mining and oil, as investors continue buying into blue chips that have declined in the past weeks for bargains.

Photo Insert: The Philippine Stock Exchange (PSE) Index, December 22, 2022

The market is now poised to hit a new milestone level as a projected Christmas rally looms on the horizon, as it closed up another 56.14 points or 0.86 percent to 6,576.94 points.

Alliance Global, powered by a buyback program, emerged the most active stock with P1.25 billion in trades, mostly due to its purchases, rising by a hefty 4.21 percent as it bought 79.8 million shares Wednesday, the first time it bought more than a million shares. Prior to this, company purchases were below million shares for its buy-back program set last October 2021.

PLDT was the second most active stock with trades of P814 million as it succumbed to profit-taking, closing a peso lower to P1,249 though it had a volatile run, a high of P1,285 and a low of P1,233, while market bellwether SM Investments was third most active stock with P301 million as it added P17 to close at P926.

Financials lost 0.30 percent as BDO Unibank went down by a peso to P108, and Bank of PI declined by 50 centavos to P100. At the same time, Metrobank posted a 50 centavo gain to P56.30.

ICTSI powered the rise in services with a P2.10 gain to P198 while GT Capital closed P15 higher to P430 and ACEN Corp went up by 7 centavos to P7.55, and Jollibee Foods rose by 20 centavos to P230.20.

Industrials gained 0.55 percent, holding firms by 1.57 percent, and property by 0.75 percent while mining and oil lost 0.38 percent. Value turnover was above average at P6.47 billion with 97 gainers, 77 losers, and 53 shares unchanged.

Among the gainers were Universal Robina, up P2.30 to P137.40, Monde up 24 centavos to P11.30, Converge up 52 centavos to P14, Semirara Mining up 25 centavos to P35.15, and Ayala Corp up P13 to P712.

Ayala Land was unchanged at P29 while DM Consunji went down by 26 centavos to P10.98. Market analysts are going to watch Friday's market performance to have a handle on the trading days before the year ends which usually sees a Christmas rally on a promise of a new year.

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