PSE Index Posts Modest Rise Despite Below Average Trades

The Philippine Stock Exchange (PSE) index posted a modest rise today, with all sub-indices gaining, though trades remained below average.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 22, 2023

It closed at 6,253.18 points, up by 44.35 points or 0.71 percent. Investors were observed picking shares with potential upside bias and divesting those perceived as weak.

The mining and oil sub-index recorded the most substantial gain, rising by 1.91 percent. Semirara Mining increased by 70 centavos to P28.60, while Nickel Asia rose by 3 centavos to P5.14.

The industrials sub-index followed with a 1.74 percent increase, led by Universal Robina, which rose by 6.1 percent to P119.90, gaining P6.10. Monde Nissin also rose by 4.73 percent to P8.19, an increase of 37 centavos, following the company's disclosure of losses in its food line.

Phil Seven, the operator of 7-Eleven convenience stores, experienced a 5.6 percent increase based on investors' perception of its income potential with "revenge spending," closing at P80.85, up by P4.35.

It became the second most traded stock with P352 million in trades, following port giant ICTSI, which had trades of P1.1 billion as it rose by P3.60 to P218.40.

Services rose by 0.94 percent, property by 0.26 percent, financials by 0.02 percent, and holding firms by 0.47 percent. Market bellwether SM Investments gained P3 to P830, while Ayala Corp rose by P3.50 to P649.50, and JG Summit went up by 80 centavos to P38.65.

Abacore Holdings, which disclosed a borrowing program of P500 million for its property projects, remained unchanged at P1.03.

There were 93 gainers, 77 losers, and 48 shares unchanged, with no trades yet on short-selling—a project of the Philippine Stock Exchange to boost trades.

Among the gainers were Jollibee Foods, up by P2 to P240, Century Food, up by 30 centavos to P30.80, Bloomberry, up by 7 centavos to P9.87, SM Prime, up by 25 centavos to P31.50, Emperador, up by 5 centavos to P20.80, and Wilcon Depot, up by 16 centavos to P19.60

Also up were ACEN Corp, which gained by 7 centavos to P4.97, Converge, up by 31 centavos to P8.73, Bank of the Philippine Islands, up by P1.20 to P105.20, and Robinsons Land, up by 10 centavos to P14.60.

Among the losers were BDO Unibank, down by 40 centavos to P131.50, and Ayala REIT, down by 70 centavos to P29.10 as investors digested its share swap with a Zobel property subsidiary.

Metrobank, down by 80 centavos to P52, GT Capital, down by 50 centavos to P560, Puregold, down by 25 centavos to P28.15, Security Bank, down by 65 centavos to P70.05, PNB, down by 2 centavos to P18.40, Aboitiz Power, down by 45 centavos to P36.25. Meralco remained unchanged at P373, and Globe Telecom also at P1,760.

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