PSE Index Up A Bit

The Philippine Stock Exchange (PSE) index went up a bit to 5,783.15 points, up by 42.08 points or 0.73 percent on bargain hunting. But, value turnover was just half of the average as the uncertainty over the global market continued to hover over the horizon.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 3, 2022

Port operator ICTSI recovered just a third of its big loss Friday as it emerged anew as the most active stock with trades of P939.8 million closing P6.20 higher to P162.80.

Property giants Ayala Land and SM Prime respectively finished the day as the second and third most active stocks, closing 15 centavos up to P23 on trades of P237 million for the former and 50 centavos up to P30.60 for the latter on trades of P208 million.

Services and mining and oil were down by 0.19 percent and 1.37 percent respectively while Financials rose by 0.57 percent, industrials by 0.11 percent holding firms by 1.07 percent, and property by 0.62 percent.

Value turnover was a shadow of the big trades in last week's market rout with just p3. 94 billion with 51 gainers, 139 losers, and 43 shares unchanged.

The prevailing uncertainty with the projected continuation of the Ukraine crisis with Russia's annexation of 15 percent of the Kyiv regime and its attendant economic consequences is weighing heavily on the market's trajectory. Market analysts said that the market is in for more shocks with the ongoing fear and the rise in interest rates.

Globe Telecom was down by P32 to P1,998, BDO Unibank lost 10 centavos to P111.40. Ayala Corp was unchanged at P616, while Monde lost 18 centavos to P12.

Many of the hot stocks are now scouring new bottoms with the fear and the recession upcoming. The other losers were Aboitiz Equity, which went down by P1.65 to P52, PLDT, down P18 to P1,490, Semirara Mining, down 25 centavos to P38.75, Solar Philippines, down 5 centavos to P1.11, Universal Robina down, P2.90 to P111.10, Metro Pacific, down 3 centavos to P3.30, and Puregold, down 55 centavos to P27.70.

Among the gainers were Jollibee Foods, up P5.20 to P234.20, Meralco, up P14.20 to P277.20, Converge, up by 22 centavos to P13.32, Bank of PI up P2.50 to P92, and market bellwether SM Investments up P35 to P760.

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