• By The Financial District

PSE Index Up On Late Buying

The Philippine Stock Exchange today posted a 54.24 points or 0.75 percent rise to 7,293.52 points on late buying by investors lapping bargains as the market showed a loss in the middle canto that was arrested on renewed buying at the close.

Photo Insert: The Philippine Stock Exchange (PSE) Index, January 21, 2022

Market bellwether SM Investments hit a low of p945 before bargain hunters came in pushing the price to close at its highest price point at p959, up by a peso.

The same was true for Ayala Land, which declined to as low as p33.85 before investors pushed up the price to p34.65, its highest that meant a 55 centavo increase. That surge saw the property sub-index rise at 1.74 percent while the holding firms went up by 1.42 percent.

The financials lost 0.38 percent, industrials by 0.17 percent, services by 0.45 percent, and mining and oil, 0.70 percent. Value turnover amounted to p5.5 billion with 94 gainers, 93 losers, and 53 shares unchanged.

Solar Philippines emerged the most active with p400.3 million in trades as it showed a 13 centavo increase to p1.73, while Metrobank and Bank of PI posted respective losses of 90 centavos to p57.30 and 30 centavos to p94.70.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

Union Bank, which a rating agency flagged for a possible downgrade due to its p55 billion purchase of the retail business went to a low of p97 before bargain buyers came in, resulting in its p102 close, down by 80 centavos.

Converge was down by 30 centavos to p31 while Jollibee rose by p1.40 to p230.40. Globe went down by p42 to p3,318, while Ayala Corp went up by p23 to p868. AC Energy and Nickel Asia had respective losses of 8 centavos to p9.65 and 6 centavos to p6.

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