PSE Index Up A Bit

The Philippine Stock Exchange (PSE) index today followed yesterday's trading performance as it opened a tad higher from its previous close but then went south until bargain hunters came in full force to close fractionally high at 6,471.84 points, up by 2.87 points or 0.04 percent.

Photo Insert: The Philippine Stock Exchange (PSE) index, August 1o, 2022

Holding firms and property shares again carried the day for the market as their gains negated the declines in financials, which lost 0.55 percent, and industrials, down by 0.34 percent. Holding firms rose by 0.18 percent, property by 0.48 percent, services by 0.54 percent, and mining and oil by 1.15 percent.

Market bellwether SM Investments mirrored the trading performance today as it declined to P793 and then went up to as high as P813 before closing at p809, up by P4 with trades of P332 million, the third most active stock.

ICTSI emerged as the most active with trades of P1.11 billion as it closed P3 lower to P178 while BDO Unibank declined by P2.20 to P112.80 on trades of P365 million.

Value turnover remained healthy at P6.33 billion with 111 gainers, 59 losers, and 63 shares unchanged. Market analysts see the index sideways until a convincing economic narrative crops up but the resistance level is seen two milestones higher.

So far, the interest in the market has not waned due to the healthy profit numbers being turned in by listed corporations amid the higher inflation rate. This is the reason for the higher percentage of gainers as even the second liners are slowly rising in their share prices.

Among the gainers in the top 20 active stocks were Emperador, up 8 centavos to P19.06, Monde, up 8 centavos to P16.16, Wilcon Depot, up 60 centavos to P28.40, SM Prime, up 35 centavos to P37.65, PLDT, up P31 to P1,780, Metrobank, up 70 centavos to P50, Universal Robina, up 80 centavos to P125.30, Converge, up 25 centavos to P20.30, Philex Mining, up 21 centavos to P3.35, Semirara Mining, up 6 centavos to P39.55, and Solar Philippines, up 1 centavos to P1.75.

The losers were ACEN, down 25 centavos to P8.39, Aboitiz Equity, down 80 centavos to P57.35, Meralco, down P3.60 to P311.40, Ayala Corp, down a peso to P707, and Security Bank, down 25 centavos to P39.55. Ayala Land was unchanged at P26.35.

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