PSE CLAWS BACK FROM LOSSES
The Philippine Stock Exchange today clawed back from it's earlier losses to be within striking distance of the psychological milestone as it closed at its high point, with a 29.18 or 0.49 percent higher to 5,997.14 points.
There was still a continued net foreign selling but now at just at two digit levels indicating that the foreign sell down is subsiding that augurs well for the market with the ghost month about to end within the week.
Gainers were up against losers, 110 to 99 with 37 shares unchanged with volume still low though at P4.71 billion but with foreign buying now going up to buck the sell down.
Net foreign selling amounted to P59 million, the first time it dropped below P100 million that had market analysts seeing a glimmer of hope. Foreign buying amounted to P1.983 billion while foreign selling hit P2.043 billion with market bellwether SM Investments profiting from a foreign buying of P342 million.
SM Investments ended the day with a P10 gain to P915 for a value turnover of P416 million, behind it's sister firm SM Prime, which had transactions of P482 million as it closed 50 centavos higher to P28.25 with foreign buying of P152 million.
Ayala Land also posted a 90 centavo gain to P31.30 on foreign buying of P94 million while another beneficiary was Dito which was up by 20 centavos to P3.63. It had foreign buying of P8 million.
Jollibee Foods went down by 60 centavos to P135 while BDO Unibank lost P1.60 to P89.50. Ayala Corp was unchanged at P700 even with foreign selling of P96 million.
Market analysts see positive sentiments creeping it with the foreign selling subsiding especially with the optimism on the trajectory of the US markets even with the drop in tech stocks.
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