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PSE Index Up Again
- By The Financial District
- Sep 24, 2021
- 2 min read
The Philippine Stock Exchange (PSE) index ramped up to a new high in mid-trade but fell back on profit-taking managing to close within range of piercing its resistance level as investors welcomed the pronouncement of declining COVID-19 cases to close 36.29 points or 0.52 percent higher to 6,951.53 points.
Photo Insert: The Philippine Stock Exchange (PSE) Index, September 24, 2021
Market bellwether SM Investments surged to a high of P984 but succumbed to investors cashing in their gains to scour a low of P962 before rising a bit to P965, down by P11 on trades of P204 million. Other blue chips suffered the same fate, although many were able to withstand the sell-downs before the close.
Holding firms lost 0.20, the only blot in a day of otherwise positive gains for all sub-indices until the sell-down occurred. That sell-down hit the index, which was then cruising to within range of its resistance level at 7,010, going up to a high of 6,985.99 before the meltdown that saw the index hit a low of 6,940.22.
The property sub-index posted the biggest gain at 1.14 percent as Ayala Land and SM Prime posted respective gains of 40 centavos to P33.95 and 30 centavos to P33. The financials rose by 0.98 percent, services by 0.84 percent, mining and oil by 0.82 percent, and industrials by 0.23 percent.
Value turnover amounted to a hefty P8.94 billion with COL Financial emerging as the top traded stock as it gained 3 centavos to P4.33 with trades of P1.291 billion.
PLDT closed unchanged at P1,700 despite a high of P1,720 while Globe gained P10 closing at P3,000. It had a high of P3,010.
Dito CME, having a high of P7.95 and a low of P7.65, closed 17 centavos lower to P7.66. Converge was up by P1.50 to P36.50 on trades of P629 million, the third most active stock after Monde, which had trades of P664 million as it advanced by 32 centavos to P19.92.
There were 103 gainers, 79 losers, and 67 shares unchanged and pundits believe the market may hit a new high next week should the COVID-19 transmissions continue to decelerate in transmissibility.
