PSE Index Up

The Philippine Stock Exchange (PSE) index today closed higher after recovering from its projected decline in mid-trade as investors continued to sell down shares which had resulted in a hefty rise in share prices to advance by 6.35 points or 0.09 percent to 7,219.81 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 18, 2021

Losers were ahead of gainers 131 to 67 with 42 shares unchanged but the gains in the financials, property, and mining and oil sub-indices offset the continuing sell down on shares that have gained for the index to start the week with optimism.

Market players have already discounted the economic decline arising from COVID-19 and are now looking forward to the upcoming rise in business activity towards this quarter, with the financials up by 0.71 percent, mining by 0.19 percent, and the property by 1.41 percent. The industrials, holding firms, and services were respectively down by 0.24 percent, 0.46 percent, and 1.21 percent.

Market bellwether SM Investments declined by P21, while the top three most active stocks also posted losses with Monde down by 7.20 percent or P1.18 to P15.20 on trades of P1.352 billion, Converge down by 11.95 percent or P3.80 to P28 on trades of P1.204 billion, and AC Energy, down by 4.59 percent or 52 centavos to P10.80 on trades of P633 million.

Bank of PI was up by a peso to P86, while Metrobank was down by 50 centavos to P49.80. Ayala Land rose by 95 centavos to P38 while SM Prime advanced by 10 centavos to P36.60. Robinson's Land gained P1.36 to P17.40 while Jollibee Foods dropped by 40 centavos to P229.40.

Value turnover amounted to P11.24 billion, a hefty trading figure at the start of the week indicating renewed investor interest in the market.

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