PSE Index Up In Light Trade

The Philippine Stock Exchange (PSE) index today clambered up a new milestone level in light trade, indicating the lack of investor support sans catalysts to push up trades, although it closed at its highest price point at 6,508.21 points, up by 40.14 points or 0.62 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, July 3, 2023

Opening lower than its Friday close, the market inched up towards the end with four of the sub-indices posting gains with two others down at the close with just P2.45 billion in trades, less than half the average trade as the bearish sentiment continues.

The figures come despite the signals from the Bangko Sentral ng Pilipinas for a pause in interest rate hikes that got a boost from the similar pause by the US Fed. The former telegraphed that the latter may continue its rate uptick.

Financials rose by 0.49 percent, holding firms went up by 0.82 percent mining and oil by 0.60 percent and property gained 1.79 percent while services lost 0.21 percent and industrials went down by 0.81 percent.

There were 98 gainers, 91 losers and 45 shares unchanged with Jollibee Foods emerging as the most active with P380 million as it rose by P1.20 to P240.40 on disclosure of its higher revenues.

BDO Unibank was second most active with P128 million as it gained P2.30 to P140 while Emperador was third most active with P127 million as it closed 25 centavos lower to P21.05.

Market bellwether SM Investments went up by P7 to P932, SM Prime gained 85 centavos to P33.70, while Ayala Land rose by 45 centavos to P24.75.

The other gainers were Ayala Corp, up by P3 to P628, GT Capital, up by P4.50 to P519.50, Metro Pacific, up by 2 centavos to P4.79, and JG Summit up by P1.05 to P45.50. Century Pacific was unchanged at P25.60 while Apollo Global was unchanged at P0.025.

The losers in the top 20 active stocks were Universal Robina, down by P2.80 to P134.70, Bank of PI, down by 40 centavos to P108.40, Greenergy Holdings, down by 11 centavos to P1.08, Aboitiz Power, down by 1.15 to P37.30, AgriNurture, down by 60 centavos to P6.33, Metrobank, down by 15 centavos to P55.55, and Monde Nissin, down by 4 centavos to P7.97.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic