BARGAIN-HUNTING LIFTS PSE INDEX
Bargain-hunting today lifted the Philippine Stock Exchange (PSE) index with the locals accounting for the rise as they cherry-picked the blue chips resulting in a hopeful 112.67 point or 1.77 percent rise to 6,469.14 points with the holding firms surging even as foreign investors continued unloading their shares.
The most active stock, Ayala Land, which has been battered by the continued foreign selling for the past weeks, managed to eke a respectable rise. Even with foreign selling of P161 million, it managed to advance by 70 centavos to P32.75 with value turnover of P949 million thanks to local buying support.
Other blue-chip stocks also finished the day with gains as the sectoral indices all posted upticks, the holding firms accounting for the biggest increase with a 2.33 percent gain.
The mining index was a laggard though having a muted rise of 0.08 percent as it headed to a decline minutes before the close until late buying pushed it upward.
The property sector rose by 1.86 percent, services, 0.89 percent, industrials, 1.01 percent, and financials, 0.94 percent.
Market bellwether SM Investments was up by 3.23 percent or P31 to P990 with foreign buys of P40 million out of its trades of P293 million, the second most active stock.
BDO Unibank and JG summit advanced, respectively by P1.90 to P105.90 and P1.80 to P53.10, while PNB rose to P30, up by 2.85 or 10.5 percent as investors queued for a play on its property dividend stock for shareholders as of May 19.
Net foreign selling stood at P617 million on foreign buying of P2.179 billion and foreign selling of P2.797 billion as value turnover amounted to P5.314 billion, with 111 gainers, 70 losers, and 65 shares unchanged.
Megaworld and SM Prime had foreign selling of P54 million and P43, million respectively.
Local support accounted for Megaworld finishing the day unchanged and SM Prime being up by 75 centavos to P35.40.
Telco stocks PLDT and Globe were down by P11 to P1,268 and P14 to P1,886 on foreign selling of P37 million and P40 million respectively.