PSE Index Up In Vibrant Mood

The Philippine Stock Exchange (PSE) index closed higher today, welcoming the shortened work week in a vibrant mood with share prices opening higher than their closing prices last week before buckling down on profit-taking, but still managing to rise by 52.81 points or 0.86 percent to 6,206.24 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 2, 2022

Value turnover was a tad higher than average with trades of p6.29 billion with 105 gainers, 74 losers, and 47 shares unchanged. Analysts said that the market is still weak with any price rise met by investors cashing in their gains.

The market opened in a positive mood, rising to a high of 6,258.91 points but later changed gear hitting a low of 6,159.60 before nosing up a bit at the close.

Market bellwether SM Investments, the fourth most active stock with trades of P418 million, opened P13 higher, then hit a low of P807.50 before it surged to a high of P843, its closing price showing the continued uncertainty over the market's breadth.

The resistance remains at 6,300 points and the support at 5,700 points below which the market could hit a new low, especially with the challenging business environment.

BDO Unibank was the top-traded stock at P688.8 million as it closed P1.90 higher to P129.20, with Metrobank up by 45 centavos to P52.15 and Security Bank up P1.55 to P87.95. The financials posted a 0.43 percent rise.

Port operator ICTSI finished the day with a 6.07 percent loss to P162.50, down by P10.50 to bring down the services sub-index by 1.75 percent. Globe Telecom was down by P92 to P2,230 while Converge was unchanged at P12.32, and PLDT went up P92 to P1,643.

Mining and oil was down by 0.40 percent as Semirara Mining went down by P1.15 to P33.80. Property was up by a hefty 3.54 percent as the second top-traded Ayala Land with trades of P648 million rose by 6.67 percent to P27.20, up by P1.70, while SM Prime gained 80 centavos to P32.30.

Industrials lost 0.12 percent and holding firms were up by 1.52 percent as Abacore Holdings went up by 4 centavos to P2.40 to back the huge rally in investments.

Ayala Corp and DM Consunji were however down by P11 to P656 and 19 centavos to P9.30, respectively. Universal Robina was up 90 centavos to P122.90, while GT Capital was down by P1.80 to P411. Monde was up 12 centavos to P11.80 and Jollibee Foods was down by P5.20 to P226.80.

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