LATE RALLY PUSHES PHILIPPINE STOCK EXCHANGE UP

Last minute buying  from investors today lifted the Philippine Stock Exchange (PSE) index up by 28.11 points or 0.47 %  to 5,581.96 points bucking the selling pressure that began on opening bell and transforming the red dotted issues into green to signal a revived optimism on the economy.

However, there was thin trade of P3.29 billion ,  the last P800 million going into property and banking issues  for the eventual positive performance of the index. Total trade was just P2.4 billion going into the last 20 minutes of the shortened trading and with the PSE nursing a 10.36 point deficit.

The bargain hunters saved the day for the PSE index as they picked issues that were in the red. There were 84 gainers against 88 losers with 40 shares unchanged. At 11.24, there were only 68 gainers against 82 losers and with 37 issues unchanged.

Ayala Land was the most active stock with total transactions of P217.8 million followed by BPI and Globe Telecom with respective trade of P204.8 million and P201.37 million.

ABS CBN mirrored the conduct of the stock trade today opening low before coasting to a higher close from yesterday’s trade .

Investors came in buying up the broadcast giant’s shares as it opened  eight centavos lower from its Tuesday close of P15.88 and then dropped further to P15.50 before bargain buyers came in and hit the stock to its highest of P16.30 before shedding a fluctuation lower to P16.20.

As noted investor Warren Buffett said, buy when others are fearful, investors gobbled up shares of the broadcast giant although its franchise had to wait a little while longer and with a looming lay-offs that its president Carlo Katigbak said may occur by August.