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PSE Index Up On Bargain-Hunting
- By The Financial District
- Jun 16, 2022
- 2 min read
The Philippine Stock Exchange today posted a big gain, a tad shy of milestone level as bargain hunters came in full force buying shares that have slid the most to close at 6,393.01 points, up by 73.59 points or 1.16 percent.
Photo Insert: The Philippine Stock Exchange (PSE) Index, June 16, 2022
The market was not without its low moments as shares declined just after opening, a continuation of Wednesday's rout until bargain hunters pushed back the stocks, save for ICTSI, which emerged the most active stock, with a huge trade of P1.164 billion as it lost 1.89 percent to P186.40, down by P3.60.
That loss resulted in the lone loser among the sub-indices, the services which went down by 2.05 percent.
Property was up by 2.37 percent taking its cue from the rise in SM Prime, up P1.40 to P37.90, and Ayala Land, up 30 centavos to P28.40. Financials gained 1.64 percent, industrials by 0.90 percent, holding firms by 1.72 percent, and mining and oil by 0.81 percent.
Value turnover was below average at P5.603 billion as foreign investors opted to wait it out as the shares tumbled until after the recess, hitting a low of 6,327.23 points until the push-up resulted in the top point at the close.
There were 103 gainers, 107 losers, and 48 shares unchanged.
Market bellwether SM Investments rise by 1.82 percent as it closed at P809.50, up by P14.50 but not after a frightening run down to P789 after opening at P808. ICTSI went down to as low as P178.50 before recovering but still fell short after the sell-down.
Telcos Converge, Globe, and PLDT posted losses with respective closing prices of P21, down 35 centavos, P26 to P2,240, and P80 to P1,760. The other losers were Megaworld, down 4 centavos to P2.37, and Monde down 4 centavos to P14, among the top 20 active stocks.
The gainers included Jollibee up P1.20 to P200.20, Meralco up P5 to P365, Semirara mining up 95 centavos to P34.95, BDO Unibank up P2.50 to P123.80, Aboitiz Equity up P1.80 to P50, and Bank of PI, up P3.15 to P96.
