PSE Index Template Up On Renewed Optimism

The Philippine Stock Exchange index today posted a substantial rise on renewed optimism following the President's approval of key measures aimed at inducing the entry of foreign investments into selected industries previously limited to Filipino corporations to end at 7,082.61 points, up by 73.18 points or 1.04 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 24, 2022

Market bellwether SM Investments led the charge, closing at its highest price point of P885, up by P18 or 2.08 percent on trades of P692 million to emerge as the most active stock.

Telcos PLDT and Globe also posted significant share price increases on the easing of restrictions for telco firms where a new directive allowed 100 percent ownership for telcos, railways, and shipping lines, among others.

PLDT and Globe went up respectively by P46 to P1,831 and by P152 to P2,560 but Converge had investors cashing in, as it went down by 95 centavos to P37.95 with trades of P525 million, the second most active stock.

The holding firms sub-index posted a gain at 2.25 percent while services rose by 1.65 percent, industrials were up by 0.93 percent, and mining and oil by 4.92 percent.

The only losers were financials, down by 0.008 percent, and property, down by 0.53 percent as SM Prime and Ayala Land had divergent trading performances with the former down 95 centavos to P37.95 and the latter up by 65 centavos to P36.00.

Value turnover amounted to P7.8 billion with 108 gainers, 64 losers, and 58 shares unchanged. Among the gainers were ICTSI, up by P1.60 to P222, Jollibee, up P2.60 to P213, Ayala Corp, up P28 to P819, Meralco, up P5 to P379, Nickel Asia, up 71 centavos to P8.23, and Monde, up 8 centavos to P13.50.

The losers included Metrobank, down a peso to P52.95, Bloomberry, down 22 centavos to P6.22. BDO Unibank was unchanged at P130.

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