PSE Index Up After Turbulent Trading

The Philippine Stock Exchange (PSE) index today rose a bit at the close after being in negative territory for much of the trading session with a 13.06 points or 0.19 percent gain to 7,069.68 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, January 23, 2023

Holding firms, services, and financials posted gains to offset the losses in industrials, down by 0.35 percent, mining and oil by 0.80 percent, and property, which declined by 0.33 percent. Holdings went up by 0.63 percent, services by 0.22 percent, and Financials up by 0.24 percent.

Investors remained optimistic about the market though even with the proposed uptick in US interest rates due to projections of economic growth with the Philippines as the driver for Asian growth.

The healthy outlook for the economy can be seen in the 30 percent rise in value turnover to p8. 35 billion with 99 gainers, 92 losers, and 55 shares unchanged.

The index had frittered its gains and was just four points shy of going below its milestone level as it hit a low of 7,003.42 points but bargain-hunting pushed it back and even resulted in a gain as investors shrugged off the US market's reach and decided to enter the market.

Globe Telecom was the day's most active stock with P409 million in value turnover as it closed P38 lower to P2,042 while GT Capital was the second most active with P290 million as it rose by P10.20 to P506.

Universal Robina was the third most active with P256 million as it went down by P5 to P140. Market bellwether SM Investments was unchanged at p900 though it hit a low of P933. Also unchanged were ICTSI and Ayala Corp with respective closing prices of P216.

Among the gainers were PLDT, which went up by P18 to P1,478, Converge, up 54 centavos to P19.38, Robinsons Land, up by 18 centavos to P15, Union Bank up 95 centavos to P92.95, Meralco, up P5 to P287.50, Bank of PI, up by 10 centavos to P110, JG Summit, up by P2.30 to P57.40, and Metrobank, up by 90 centavos to P58.70

Other losers included SM Prime, down by 35 centavos to P38, Jollibee Foods, down by P2.40 to P242.60, and BDO Unibank, down by 50 centavos to P122.50.

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