PSE Index Up Anew

The Philippine Stock Exchange index surged anew with all sub-indices in positive territory on earnings and dividend announcements to close 84.09 points higher or 1.15 percent to close at 7,388.09 points, after the holdings firms turned to green after pulsating red in mid-session of the back-to-normal trading that ends at 3 pm.

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

Market bellwether SM Investments was able to recover to close P27 higher at P957, its highest price point after hitting a low of P925 that had the holdings firm sub-index showing a red button, as Ayala Corp. was down, ending the session at P848, a loss of P11.50.

Broker Jose Ricardo Garcia of Diversified Securities said that the market was already discounting the Ukraine war and investors are positioning themselves to buy blue chips that are seen to post healthy profits for the year.

ICTSI emerged as the most active stock after disclosing a regular and special dividend of P6 with a record date on March 18, to surge to a new record price of P228, up by P10 or 4.59 percent with trades of P790.8 million.

Semirara Mining was the second most active stock as investors positioned themselves to the coal producer, resulting in a 7.57 percent rise or P2.30 for a new record price of P32.70 with P588 million in trades.

Another coal producer Coal Asia also benefited from the rise in the price of coal to close P0.055 higher at P0.315, emerging as the biggest gainer with a 21.15 rise. Coal3- rose from $91 per ton last year to $270 and overnight surged further to $400 per ton due to the Ukraine conflict.

Mining and oil posted the biggest rise at 4.83 percent as mining and oil exploration firms went up while services gained 2.36 percent. Financials advanced by 0.21 percent, industrials by 0.88 percent, holding firms by 1.10 percent, and property by 1.05 percent.

BDO Unibank was unchanged at P131, Monde down by 30 centavos to P14.84, Globe down by P16 to P2,560, DMCI Holdings up by 35 centavos to P9.27, Nickel Asia, up by 31 centavos to P8.15 and Converge up by 85 centavos to P26.75.

Value turnover was up 30 percent at P8.255 billion with 121 gainers, 76 losers, and 41 shares unchanged.

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