PSE Index Up On Bargain Hunting

The Philippine Stock Exchange (PSE) index today rose a tad higher on bargain hunting, the continued pessimism still reflected in the immediate sell-down when the market almost hit its resistance level, to close just 14.79 points up or 0.25 percent to 5,847.37 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, October 11, 2022

Investors betting on bargains after the declines of the past trading days pushed the index close to its resistance level at 5,899.40 points. But, just as it was about to hit the jackpot, the selling pressure showed up to put the index just two points lower than its opening at 5,849 points.

The hunt for bargains put the sub-indices to positive territory early on but at the end of the bell, only three were up: financials which went up by 1.24 percent, industrials, which rose by 0.32 percent and holding firms which were up by 0.31 percent.

The services declined by 0.38 percent, mining and oil by 0.29 percent, and property by 0.50 percent. Value turnover was still below average though it was double that of Monday at P4.22 billion. There were 84 gainers, 93 losers, and 42 shares unchanged.

BDO Unibank towed the financials to a hefty gain with its 3.33 percent upswing in share prices at P114.80, up by P3.70 on trades of P345 million to emerge as the top traded stock.

It was followed by Ayala Corp., which continued its slide to close P13.50 lower at P596.50, down by 2.22 percent on trades of P338 million while market bellwether SM Investments declined by a peso to P759 on trades of P324 million.

Among the losers were System Grid and Dito with similar losses of 4 centavos to close P11.06 and P2.50 respectively, Ayala Land, down 30 centavos to P22.70, SM Prime, down by 15 centavos to P31, Semirara Mining, down 25 centavos to P40, PLDT, down P48 to P1,402, Bloomberry, down 48 centavos to P5.97, Monde, down 46 centavos to P11.72, and Metro Pacific down a centavo to P3.35.

The gainers were Bank of PI, up by 40 centavos to P93.35, Security Bank up by P1.75 to P81.75, Globe Telecom, up by P60 to P2,230, Jollibee Foods, up by P5 to DM Consunji, up by 20 centavos to P10.20, Puregold, up by 60 centavos to P27.50, Converge, up by 24 centavos to P12.44, and Meralco up by P5 to P290.

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