PSE Index Up Anew

The Philippine Stock Exchange (PSE) index today posted another small gain on bargain hunting on bank stocks that nudged the financial sub-index to a hefty 1.45 percent rise, leading to a 44.62 points or 0.74 percent upswing to 6,073.41 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 25, 2022

But the big decline in port operator ICTSI indicated the fear that is gripping the market as a whole with foreign investors getting out as the US Fed telegraphed higher rates to tackle the rise in inflation, especially with the decline in the housing market that indicate slower growth.

ICTSI lost 4.93 percent as it went down to a new low of P165.90, down by P8.60. It was the most active stock with trades of P5978 million.

Bank stocks served though as a counterfoil to the huge ICTSI decline that resulted in a 1.09 percent drop in services and the lower mining and oil sub-index which went down by 0.59 percent.

Aside from the 1.45 percent rise in financials, the industrials also went up by 0.65 percent, holding firms by 0.88 percent, and property by 0.77 percent.

Value turnover was a third lower than average with trades of P4.36 billion with 74 gainers, 95 losers, and 48 shares unchanged. Property giants Ayala Land with trades of P38 million and SM Prime with trades of P189 million were respectively unchanged at P26.40 and up by 55 centavos to P32.80.

Market bellwether SM Investments went up by P15 to P780 with a turnover of P346 million.

Bank of PI was up by P1.85 to P93.35 while BDO Unibank rise by P2 to P123. PLDT gained P19 to P1,554 while Globe Telecom rose by P42 to P2,338. Dito gained 12 centavos to P2.58. DM Consunji was unchanged at P10.48 while Ayala Corp lost P12 to P640. Semirara Mining also lost 15 centavos to P41.30.

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