PSE Index Up On Optimism

The Philippine Stock Exchange (PSE) index today rose on hope of the increase in tourism receipts on the IATF recommendation to open the country's tourism spots to vaxxed foreigners, including returning balikbayans with the market cheering up to a milestone level of 7,361.65 points, up by a hefty 109.68 points or 1.51 percent in heightened trading value turnover.

Photo Insert: The Philippine Stock Exchange (PSE) Index, January 31, 2022

Value turnover amounted to P7.41 billion as investors took up positions ahead of the possible reopening of the economy that had been hard hit by the COVID-19 protocols that included harsh lockdown measures two years ago.

Gainers outstripped losers, 123 to 77 with 40 shares unchanged as the market gained momentum towards the close with just one sub-index, services, going down on profit-taking.

Property, holding firms, and industrials posted big gains of 3.25 percent, 2.11 percent, and 1.72 percent, respectively, as the market welcomed the news of the opening of tourist spots and the ease in quarantine regulations.

The financials and the mining and oil sub-indices rose by 0.53 percent and 0.94 percent with the services the lone loser, at 0.14 percent down. Market bellwether SM Investments went up by P10 to P949, while BDO Unibank topped the most active shares with P458 million in trades as it went up by a peso to finish at P135.

Globe was the second most active at P457 million as its shares went down by P130 to P3,110 while Ayala Land was the third most active with P366 million in trades as it closed P1.70 higher to P35.90.

PLDT was also down, losing P15 at the close to P1,834, one of two listed shares in the Top 20 traded stocks, that went down. Dito CME was not traded with the PSE management halting its trading on the disclosure made by the company that it is not going through with its SRO or stock rights offering catching investors and the market by surprise.

This is the first time that such an offering had been canceled, leading brokers to ask what happened to the underwriting commitment of China Bank Capital Corp, the sole underwriter of the issue.

Among the gainers today were Aboitiz Power, up P1.50 to P35.30, Monde, up by 12 centavos to P16.38, Solar, up 5 centavos to P2.22, Jollibee, up by P3.40 to P240, AC Energy, up by 7 centavos to P9.54, ICTSI, up by P2.50 to P200, Ayala Corp., up by P18 to P870, SM Prime, up by 90 centavos to P35.10, Aboitiz Equity, up by 50 centavos to P63.50, and Metrobank, up by P1.35 to P58.90.

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