LATE RALLY PUSHED PSE INDEX UP
A late rally towards the closing minutes of today’s trading lifted up the Philippine Stock Exchange to a 5,523.78 points , up by 26.95 points or 0.49 % as the blue chips recovered their early losses and even surmounted their yesterday’s closing prices.
Value turnover was at a brisk P5.48 billion with gainers ahead of losers at 99 to 78 with 47 shares unchanged.
Trading was heavy in earlier trade but with the PSE index going down below its psychological 5,500 point level, hitting a low of 5,426.06 three minutes before 11 am with volume of trade hitting a high of P2.07billion.
SM Prime Holdings and URC exemplified the day’s trade, opening lower and dropping further before nosing up and ahead from its yesterday’s closing prices.
SMPH opened 20 centavos lower at P29.30 ,hit a low of P28.80 before finally overcoming its losses to close at P29.80, its day’s top price. The same was true for URC which dropped to as low as P115.10 after opening at P120.60 and hit a high of P122.30 before closing 30 centavos below.
First Gen, with its disclosure of a tender offer for less than 10 % of its shares from a US private equity fund went up by 14.15 % to close at P20.25 with total trade of P156 million.