PSE Index Up A Bit

The Philippine Stock Exchange (PSE) struggled much of the day, grappling with an imminent loss until the last 30 minutes of trade saw the index going up the hill.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 15, 2023

The buying opportunities provided by declining share prices allowed it to finish at a higher milestone level of 6,822.09 points, up by 30.85 points or 0.45 percent as the US inflation rate increased, indicating a possible hawkish move for the US Fed that will affect the Philippine rates.

Value turnover was below average at P5.25 billion indicating the change in investor sentiments with the inflationary spiral in the US that mirrored that of the Philippines which also had gone up beyond what had been perceived as a possible mark-down.

There were 71 gainers against 113 losers and 46 shares unchanged with analysts seeing a change in investor preference for bonds and away from equities.

Market bellwether SM Investments gained P6 to P891 after hitting a bottom of P878 emerging as the second most active stock with P299 million after that of BDO Unibank which had trades of P446 million with its share price unchanged at P125.

Metrobank, which has been posting gains since last week, ended the day higher by 55 centavos to P62.50 on trades of P288 million.

Financials went up by 0.75 percent, industrials and holding firms by similar gains of 0.19 percent, and property up by 1.57 percent while the mining and oil index lost 0.76 percent and services went down by 1.24 percent as PLDT posted a loss of P16 to P1,310 on concerns from a class suits from the US due to its budget crisis.

Globe Telecom declined by P11 to P1,979, and ICTSI declined by P4.80 to P210. The market opened a bit higher than Tuesday's close but struggled afloat much of the day hitting a low of 6,747.10 points before going up on bargain hunting to 6,829.03 points.

Among the gainers were Ayala Land, up by 35 centavos to 29.05, SM Prime, up a peso to P38, Universal Robina, up P6.40 to P147.40, Bank of PI up P1.70 to P106, GT Capital. up P4 to P544, and Robinsons Land, up 12 centavos to P16. Bloomberry Resorts was unchanged at P10.

The losers were Jollibee Foods, which went down P2.60 to P238.40, Emperador, down 5 centavos to P20.95, Megaworld, down 6 centavos to P2.26, Ayala Corp, down P6.50 to P673.50, Meralco, down P3 to P309, Metro Pacific, down 7 centavos to P4.48, and Figaro Coffee was down 2 centavos to P0.85.

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