PSE Index Up On Bargains

The Philippine Stock Exchange index today nosed up on a technical correction after its huge loss Wednesday with the rise attributed to bargain-hunting on stocks that nosedived, advancing 45.54 points or 0.66 percent to 6,909.45 points.

Photo Insert: The Philippine Stock Exchange (PSE) Index, April 28, 2022

A similar correction in the US market contributed to the rise though the value turnover of 5.73 billion appeared unconvincing for investors as the impact of the increase in interest rates is seen in the coming months with the Bangko Sentral telegraphing a rise in June.

The six sub-indices were up with the property, however, posting a minimal rise of just 0.05 percent as investors sold down to Ayala Land, which capitulated to a loss of 40 centavos to P33.60 due to what analysts said were the investors' misgivings on the sale of shares at a hefty discount of seven percent.

SM Prime pushed the property sub-index with a notable 35-centavo increase to P36.35.

BDO Unibank emerged as the most active stock with P480 million in trades as it towed the financials to a 1.04 percent increase as it went up by 3.27 percent to P132.60, an increase of P4.20.

Bank of PI went up by 5 centavos to P96.95 while Metrobank was down by 25 centavos to P52.75. Jollibee was up by P2 to P220.80 while Ayala Corp was unchanged at P732 and Monde at P13.28.

Industrials rose by 0.56 percent, holding firms by 0.70 percent, services by 0.69 percent, and mining and oil by 1.27 percent.

There were 92 gainers, 83 losers, and 58 shares unchanged. Market bellwether SM Investments went up by P9 to P860 while among the losers were Converge, down P1.15 to P28.55, AC Energy by one centavo to P8.00.

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