PSE Index Up On Bargain Hunting

The Philippine Stock Exchange index today reversed its losses on bargain hunting closing at its highest price point, 6,268.78 points, up by 73.52 points or 1.19 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, July 18, 2022

Top-traded Ayala Land with a value turnover of P690 million reversed its previous losses with a big surge of P2.30 or 10.2 percent to P24.85 while market bellwether SM Investments went up a tad bit to P781, up by P6 or 0.77 percent on trades of P360 million, while third most active Ayala Corp also rose on bargain hunting by P24 or 4.17 percent to P599.50.

Majority of the shares were down in the early going and at market recess, only the property sub-index being up a bit. But, at the resumption of trading, bargain hunters bought Ayala Land shares pushing the index to a hefty 3.56 percent rise.

Financials rose 0.14 percent, industrials by 0.005 percent, holding firms by 1.42 percent, while the losers were mining and oil, which declined by 0.59 percent, and services down by 0.56 percent.

Value turnover remained below average with just P4.23 billion due to the continued uncertainty in the global economy. There were 89 gainers, 91 losers, and 55 shares unchanged.

ICTSI lost P1.40 to P178 resulting in the services sub-index's loss while Semirara Mining and Nickel Asia lost 15 centavos to P37 95 and 8 centavos to P5.01.

Among the gainers were SM Prime up by 45 centavos to P37.45, BDO Unibank up 30 centavos to P121, Bank of PI up 90 centavos to P89.50, and Emperador up 24 centavos to P18.64.

The losers were PLDT down by P5 to P1,686, Wilcon Depot down 55 centavos to P21.80, Globe down P18 to P2,252, and Metrobank down 30 centavos to P46.90.

Converge was unchanged at P20.25 and Meralco also unchanged at P363.

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