LAST-MINUTE BUYING BUOYS PSE TO MUTED RISE

Last-minute buying towards the close lifted the Philippine Stock Exchange (PSE) index today to a muted rise of 18.37 points or 0.28 percent to 6,487.51 points, with massive buying of more than a billion pesos, notably from local investors, to change the pulsating red sentiment to a hopeful green.

That late charge pushed up the sub-sectors with the holding firms posting the lone decline, down 0.24 points. The financials were up 0.31 percent, industrials, 0.40 percent, services, 0.82 percent, mining 2.73 percent, and property 0.73 percent.

Value turnover was a low P4.734 billion, the total trade dismal P3.2 billion before the late charge, with traders shaking their heads in disbelief as foreign investors continued to unload their shares.

Gainers were ahead of losers 107 to 92 with 45 shares unchanged, net foreign selling of P396 million on foreign buying of P1.571 billion, and foreign selling of P1.96 billion.

Market bellwether SM Investments topped the stocks with foreign selling with P65 million out of trades of P204 million as it posted a decline of P22 to P968.

Ayala Land again emerged as the most active stock with P293 million in trades as it added another 15 centavos even with foreign selling of P48 million to close at P32.90.

SM Prime went up by 50 centavos to P35.90 on trades of P138 million, while port operator ICTSI, with foreign buying of P13 million, gained P1.50 to P131.

Ayala Corp lost P2 to P768 with foreign selling of P43 million out of total trade of P157 million, and lastly, Robinson's Retail was unchanged at P51.90 even with foreign selling of P21 million out of P156 million in trades.

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