PSE BUCKS PROFIT-TAKING

The Philippine Stock Exchange (PSE) index bucked profit-taking, especially in the financials sector to eke another slight upside in the second day of net foreign buying registered in hefty trading, to close 16 points or 0.24 percent to 7,082.15 points.

Value turnover amounted to P11.6 billion, with 130 gainers, 91 losers and 44 shares unchanged, net foreign buying of P122 million, as foreign buying hit P2.688 billion against foreign selling of P2.565 billion.

Market bellwether SM Investments charged ahead by P22 to close at P1,078, on the back of foreign buying of P130 million, out of total trades of P405 million.

Dito CME was again the most active stock as it went up by P1.22 to close at P17.10 on trades of P1.648 billion, followed by Robinson's Retail, with P1.06 billion in trade, as it rose by 50 centavos to P57.50 even with foreign selling of P119 million.

Profit selling hit the bank stocks with BDO Unibank losing P5.20 to P107.30 on trades of P749 million, of which P205 million were foreign sells; Bank of PI, down by P1.65 to P85, even with foreign buying of P57 million.

Metrobank was down by 55 centavos to P49.05; and Security Bank, down P2.10 to P127.90, with foreign selling of P60 million.

The financial sub sector posted a 2.60 percent decline, while industrials dropped by 0.49 percent. The holding firms was up by 1.39 percent; service 0.12 percent; mining and oil, by 1.25 percent, and property, by 0.89 percent.

Converge was also hit by profit taking, as it went down by 92 centavos to P17.80, with foreigners selling P64 million of the shares. Food giant Jollibee Foods, though, bucked the foreign selling of P35 million, to close the day 60 centavos ahead to P185.50, as the locals continued to dominate trading with the lack of other investment outlets.

Market darling MerryMart, went up by 6 centavos to P49.05, while the second liners again hogged the limelight.

Premiere Horizon was up 19 centavos to P3.13, while Apollo Global declined by P0.014 to P0.236. Basic Energy rose by 13 centavos to P1.19, while Abacore rose by 7 centavos to P1.33.

The PSE said that the locals have been supplanting the foreign investors with the value turnover hitting an average of P10 billion a day last January, as against the usual P7 billion average daily trading last year.

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