PSE Index Up On Optimism

Investors ratcheted up their buying decisions today prodding The Philippine Stock Exchange index to post a healthy rise of 90.79 points or 1.25 percent to 7,361.15 points as the continued drop in COVID-19 cases brought to bear an optimistic note to the market that opened at its lowest and ended at its highest point.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 14, 2022

Market participants cheered on not just the increasing decline in COVID-19 cases but also the arrival of foreigners into the country following the ease in restrictions relative to quarantine which had been altogether scrapped for those vaxxed individuals.

Value turnover was more than double the average at P14.18 billion with shares of stock that had fallen by the wayside on profit-taking, rising on market demand.

Monde emerged as the most active with P1.2 billion on profit-taking as it lost P1.10 to P17 while Globe rose by P94 to P2,784 on trades of P707 million. ICTSI was the third most active with P426 million as it gained P2.60 to P208.60.

Converge also declined on profit-taking with a 6.39 percent drop or P1.85 to P27.10 while Emperador lost 10.44 percent or P2.75 to P20.15.

Market bellwether SM Investments advanced by P29 to P940 while property giants SM Prime and Ayala Land respectively gained 20 centavos to P38 and 70 centavos to P37.85.

There were four sub-indices that gained while there were two that declined, industrials which went down by 0.33 percent, and mining and oil, down by 0.25 percent. Financials advanced by 1.53 percent, holding firms by 1.90 percent, services by 0.69 percent, and property by 0.83 percent.

There were just 85 gainers against 113 losers with 48 shares unchanged. Among the losers were PLDT, which dropped by P10 to P1,820, AC Energy, down 6 centavos to P8.60, GT Capital by P17.50 to P560, and Metro Pacific, down 3 centavos to P3.67.

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