PSE Index Up On Bargain-Hunting

The Philippine Stock Exchange (PSE) index today surged to a hefty 204.57-point rise to within a new milestone level closing at 5,987.72 points, up by 3.54 percent as bargain-hunting pushed up share prices although trading remained muted.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 4, 2022

Market bellwether SM Investments closed at its highest, P794, up by P34 or 4.47 percent although it hit a low of P754 before roaring back to life on investors buying bargains.

Port operator ICTSI was again the most active stock with trades of just P398 million as it benefitted from the bargain-hunting, together with 14 others in the Top 20 most active stocks, to close with a respectable P165, up by P2.20 or 1.35 percent.

Property giants Ayala Land and SM Prime went up respectively by 4.57 percent and 4.47 percent, towing the property sub-index to a 4.19 percent rise.

Holding firms gained 4.73 percent, financials by 1.44 percent, industrials by 3.63 percent, services by 1.47 percent, and mining and oil by 3.75 percent. BDO Unibank was the second most active closing P1.60 higher to P113.

There were five losers in the 20 most traded stocks. These were San Miguel, which went down by 15 centavos to P96.65, GT Capital, down P6 to P410, Converge, down 28 centavos to P13.04, Puregold, down 40 centavos to P27.30, and Bank of PI, down by 10 centavos to P91.90.

Among those that benefited from the bargain hunting were infra giant Megawide, which gained 9.41 percent to P3.72 up by 32 centavos, and D&L Industries which went up by 8.37 percent to P7.25, up by 56 centavos.

Among the gainers were Ayala Corp, up by P29 to P645, Jollibee Foods, up by P5.80 to P240, Universal Robina up by P4.90 to P116, Meralco up by P13 to P290.20, Globe Telecom up by P152 to P2,150, Emperador up by 72 centavos to P19.96, ACEN Corp up by 28 centavos to P5.80, PLDT up by P38 to P1,528, DMCI Holdings, up by 54 centavos to P10.34 and Monde up by 42 centavos to P12.42.

Value turnover was below average at P4.58 billion with 140 gainers, 60 losers, and 40 shares unchanged.

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