%20(3).png){kind=small}
![TFD [LOGO] (10).png](https://static.wixstatic.com/media/bea252_c1775b2fb69c4411abe5f0d27e15b130~mv2.png/v1/crop/x_150,y_143,w_1221,h_1193/fill/w_179,h_176,al_c,q_85,usm_0.66_1.00_0.01,enc_avif,quality_auto/TFD%20%5BLOGO%5D%20(10).png)
GCQ PUSHES UP PSE INDEX
- By The Financial District
- May 26, 2021
- 2 min read
Investors came in droves in the stock market as the possibility of the easing of the quarantine restrictions to GCQ pushes up The Philippine Stock Exchange (PSE) index to overhaul a three-week so-so performance to finish the day with a hefty 144.53 points or 2.33 percent increase to 6,341.24 points.
All sub-sectors posted significant gains with the property index submitting the biggest rise at 3.02 percent followed by holding firms with 2.45 percent and services, 2.18 percent. The financials went up by 1.33 percent, mining and oil, by 1.47 percent, and the industrials, 0.78 percent.
Total value turnover amounted to P13.086 billion although net foreign selling reached P6.477 billion on the back of a block sale. worth P5.722 billion of Ayala Corp which went up by P23 to P742.
The Ayala block sale formed part of the foreign selling of P9.6 billion. Foreign buying hit P3.123 billion as gainers were almost double that of losers, 140 to 74 with 47 shares unchanged.
Ayala Land was the day's most active stock at P706.3 million as it rose by 65 centavos to P32.65, while another property developer, SM Prime posted an increase of P1.35 to P3e3.90.
Food giant Jollibee Foods rose by another P1.80 to P182, while Megaworld closed 6 centavos higher to P2.81.
Ricardo Garcia of Diversified Securities said that investors were perked up by the possibility of an easing of quarantine restrictions with a meeting of the IATF late in the day. Investors see the market going up on the recovery of business operations of many establishments wracked by the pandemic.
Only three of the Top 20 active stocks posted losses in the surge of buying interest. The aforementioned were Aboitiz Power which, with a huge foreign selling of P379 million of its P510 million trade, led to a 50 centavos drop in its share price to P20,50. The other two losers were PLDT which lost P14 to P1,280m and Meralco, which went down by P1.40 to P272.60.
Market bellwether SM Investments went up by 1.92 percent with a P17.50 increase to P930 while market darling Merry Mart gained 6.51 percent or 27 centavos to P4.42. The locals filled in for the sell-down by foreign investors that even the blue chips that were unloaded posted significant gains.
BDO Unibank, even with P230 million in foreign selling out of its P417 trade rose by 30 centavos to P101.40, while Ayala Land and SM Prime had respective foreign selling of P106 million and P70 million but still managed to post gains.
The other gainers were Puregold, up by P2.50 to P35.50, ICTSI, up P7.60 to P145.60 , GT Capital Holdings, up P28 to P561.50, Ayala Energy, up 5 centavos to P7.03, and Dito CME, up 22 centavos to P9.48.
