PSE Index Up Anew

The Philippine Stock Exchange index today added another 66.19.points or 0.97 percent to 6,868.92 points, bucking uncertainty concerns over the inflation spike of 4.9 percent as investors shrugged off the economic uncertainty to get back in the market.

Photo Insert: The Philippine Stock Exchange (PSE) Index, May 5, 2022

All sub-indices were in positive territory with the mining and oil index posting a hefty gain of 4.52 percent followed by services up 1.69 percent and property, up 1.18 percent.

Financials went up by 0.77 percent, industrials by 0.86 percent, and holding firms by 0.95 percent. Value turnover, however, was below average at P5.68 billion although gainers were more than double losers 140 over 59.

There were 37 shares unchanged that including Aboitiz Equity which is in the Top 20 active stocks.

Market bellwether SM Investments led the most active stocks with trades of P571 million as it closed at P861, up by P12. It was followed by Converge, which had trades of P558 million, closing at P30, up by P1.88.

ICTSI was third most active and it posted a loss of P4 to P211 on trades of P315 million. The other losers were Bank of PI, down by 90 centavos to P97, Monde, down 2 centavos to P13.88, and Solar Philippines down 3 centavos to P1.50.

Among the gainers were SM Prime up 25 centavos to P37, BDO Unibank up P1.20 to p129, Globe up P166 to P2,338, PLDT up P43 to P1,932, Ayala Land up 55 centavos to P32.55, and Semirara Mining, up P1.25 to P28.50

Rounding up the list were Ayala Corp, up P17 to P747, Aboitiz Power up 35 centavos to P32.50, Jollibee up P2 to P224, Metrobank, up P1.35 to P53.35, and Robinsons Land, up 76 centavos to P19.94.

Market analysts see the market in a sideways motion as it tries to bounce back to the 7,000-point milestone, though the inflation spiral could affect investments as foreign investors get away from emerging economies like the Philippines with the 50 basis point rise in US interest rates.

The Philippine central bank is also seen to raise rates earlier than its scheduled June rise to counteract the US rate increase in which case the local market is seen to be affected.

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