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Friday, March 29, 2024

Market rises; Bloomberry tops gainers

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Stocks rose Friday as investors digested reports that the gross domestic product grew 7.2 percent in the fourth quarter and 7.6 percent in the whole of 2022.

The PSE index, the 30-company benchmark of the Philippine Stock Exchange, gained 9 points, or 0.13 percent, to close at 7,052.16, as four of the six subsectors advanced, led by mining and oil shares.

It was also up 7.40 percent since the start of this year’s trading.

The broader all-share index picked up 4 points, or 0.13 percent, to settle at 3,697.63, on a value turnover of P5.65 billion. Gainers outnumbered losers, 105 to 83, while 59 issues were unchanged.

Five of the 10 most active stocks ended in the green, led by Bloomberry Resorts Corp. which climbed 4.91 percent to P9.40 and Bank of the Philippine Islands which rose 1.38 percent to P110.10.

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Meanwhile, the peso traded lower at 54.47 against the US dollar Friday from 54.40 Thursday.

The PSE announced that DMCI Holdings Inc. and Union Bank of the Philippines would be included in the PSEi starting Feb. 6, 2023. Both companies will replace Megaworld Corp. and Robinsons Land Corp. based on the January to December 2022 index review.

DMC and UBP, both PSEi constituents in the past, would rejoin the main index after a year and a half and 14 years, respectively.

A listed company should be among the top companies in terms of liquidity and market capitalization to be considered for inclusion in the PSEi. It should also have a free float level of at least 20 percent of outstanding shares. The PSE also considers relevant financial criteria and eligibility for early inclusion in the index review.

“The 20-percent minimum free float requirement was implemented for all indices starting with this index review. We hope to see improved liquidity in the stock market with more shares available from companies that want to remain or qualify for future inclusion in any of the indices,” said PSE president and chief executive Ramon Monzon.

The PSE said that in terms of sectoral indices, it would replace East West Banking Corp. in the financials index. Basic Energy Corp. and The Keepers Holdings Inc. will be added to the industrial index, while Vitarich Corp. will be removed.

The property index will have four new constituents, including D.M. Wenceslao & Associates Inc., Filinvest REIT Corp., MREIT Inc. and RL Commercial REIT Inc. Philippine Infradev Holdings Inc. and Philippine Estates Corp. will be excluded from the said index.

AllDay Marts Inc. and Medilines Distributors Inc. will become part of the services index, which will also see the removal of Metro Retail Stores Group Inc. and Philippine Seven Corp.

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