PSE Index Up On Optimism

The Philippine Stock Exchange index today opened the week with an optimistic start headlined by the mining and oil sub-index to rise to a new milestone level of 6,822.32 points, a gain of 96.18 points or 1.43 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, May 30, 2022

Coal giant Semirara Mining advanced by 45 centavos to P33. 50 though it hit a high of P33.90 as it disclosed a royalty payment of P5.9 billion, a huge 807 percent gain from its previous royalties of P656 million.

This pushed the mining and oil sub-index up by 2.09 percent. Holdings rose by 2.51 percent, financials by 1.95 percent, industrials by 0.18 percent, and property by 1.08 percent. Services lost by a smallish 0.05 percent.

Converge buckled under as investors pocketed gains to power down to p26.05 after hitting a high of P27. 35 to post a loss of 45 centavos on trades of P926 million.

Property giants SM Prime and Ayala Land followed with gains of 20 centavos to P38 for the for er and 75 centavos for the latter to p29. 60. Market bellwether SM Investments hit a low of P839 before reversing gear to close P23.50 higher to P862.

Value turnover was above average at p6. 99 billion with 114 gainers, 76 losers, and 51 shares unchanged indicating new interest in the market with second liners getting attention.

The resurgence in the interest in the market is seen to be markedly enthusiastic as other investors took notice of the rise in quarterly earnings of listed shares.

Only five of the top 20 active stocks posted losses. These were Monde down by 88 centavos to P15.80, Jollibee down P2.40 to P210.60, ICTSI, down P4. 80 to P218, Ayala REIT, down by P3.25 to P37.50, and most active stock Converge.

Among the gainers were Globe, up by P64 to P2,588, PLDT up p11 to P1,961, Bank of PI up P1.90 to P97.50, Metrobank up P1.30 to p55. 10, BDO Unibank up P2.80 to P130.10, Ayala Corp up P21.50 to P701, and Meralco up P12 to P372.

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