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PSE Index Up On Good News
- By The Financial District
- Feb 2, 2022
- 2 min read
The Philippine Stock Exchange (PSE) index today surged beyond two milestones but profit-taking took it a level down to 7,458.99 points, up by 97.34 points or 1.32 percent as investors greeted the good news on the economic front especially the easing of quarantine protocols for COVID-19.
Photo Insert: The Philippine Stock Exchange (PSE) Index, February 2, 2022
Surging above 7,500 points, the market stalled as investors cashed in their gains with the industrials resulting in a show of decline, the only sub-index to post a loss as investors fairly greeted what has been touted as the next tourism boom with the ease in protocols and the added impetus of what Economic Planning Secretary termed as "revenge spending," from consumers.
Pulsating with green all over the sub-indices, the industrials succumbed to profit-taking to decline by 0.17 percent while the property and the financials towed the index to a new high, rising by 3.02 percent and 2.50 percent respectively.
Investors pumped in their money into Ayala Land which went up by P1.10 to P37 to emerge as the most active stock with P658 million in trades while SM Prime was the third most active with trades of P371 million as it rose by P1.10 also to close at P36.20.
BDO Unibank led the financials to its surge with a P4.70 increase to P139.70 or up by 3.48 percent as early signals of higher quarterly earnings of the banks filtered into the market resulting in trades of P620 million, the second most active.
Market bellwether SM Investments rose by P16 to P965 with the holdings firms up by 0.58 percent. The other gainers were services up by 0.74 percent, and mining and oil up by 1.08 percent.
Value turnover reached a hefty P7.84 billion with 7123 gainers, 81 losers, and 47 shares unchanged.
Solar Philippines and Monde closed respectively higher by 10 centavos to P2.32 and by 18 centavos to P16.56. The other gainers were PLDT and Globe which went up by P38 to P1,872 and P60 to P3,170, while Converge lost 15 centavos to P30.50 and Holcim dropped by 7 centavos to P5.87.
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