PSE Index Up

The Philippine Stock Exchange index today rose on the higher earnings report and optimism on the economy closing on its highest price point after a so-so opening and an ensuing decline to a new milestone level at 7,404.61 points, up by 93.60 points or 1.28 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, March 1, 2022

Market bellwether SM Investments towed the market to a positive vibe as it reported a 65 percent surge in profits to p38. 5 billion from its year-ago number of p23.4 billion, emerging later as the most active stock with p834 million in trades. It closed at p941, up by p55 although it hit a high of p947.

Gainers were more than double the losers 135 to 60 with 49 shares unchanged as the market shrugged off the Ukraine narrative and instead zeroed in on the opening of the economy with NCR shifting to alert level 1.

Holding firms surged 3.36 percent while mining and oil rose by 2.04 percent, services by 1.39 percent, and financials, by 0.92 percent.

The industrials and property respectively declined by 0.74 percent and 0.09 percent. Value turnover was 30 percent higher than average at p7.8 billion. Ayala Land was unchanged at p39 while SM Prime declined by 40 centavos to p39.40.

Semirara Mining also rose on bigger profits, closing 65 centavos higher to p28.35 although it had a high of p28.80. It posted profits of p16.2 billion, up by a huge 393 percent as coal prices surged from 91 US dollars per ton to 220 US dollars.

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