PSE Index Up On Bargain-Hunting

The Philippine Stock Exchange index today rose on bargain-hunting and got a push from the surge in an IPO listing and a big rise in one share's listing in the Singapore Exchange (SGX), to rise to within 16 points back to its milestone level closing at 6,984.90 points, up by 89.54 points or 1.30 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, April 13, 2022

CTS Global, which debuted on the exchange today, opened slowly at P1.03 and picked up pace rising to a high of P1.19 before some investors cashed in pushing it to P1.11, up by 11 centavos or 11 percent. It emerged as the most active stock with P606 million in trades.

Emperador also whetted the appetite of risk-takers as it surged by 21.97 percent or up P3.08 to P17.10 after it disclosed that it obtained approval from SGX for the listing of its shares.

All sub-indices were up with industrials being the biggest gainer with 2.33 percent. Financials rose by 0.44 percent, holding firms by 1.07 percent, services by 1.24 percent, mining and oil by 0.37 percent, and property by 1.16 percent.

Still, value turnover remained below par with just P4.214 billion in trades with 100 shares up, 66 down and 54 issues unchanged. Market bellwether SM Investments rose by P7.50 to P872.50, while Bank of PI went up by 50 centavos to P98.50.

Converge gained 95 centavos to p29.95, PLDT, by P32 to P1,832, and Globe by P28 to P2,448. SM Prime went up by 80 centavos to P36.80 while Ayala Land was unchanged at p34.

Among the losers were BDO Unibank, down by 50 centavos to P128.50, Ayala Corp down a Peso to P768, Solar Philippines, down a centavo to P1.78, and Semirara Mining, down by 10 centavos to P30.65.

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