PSE COOLS DOWN
The Philippine Stock Exchange (PSE) cooled down today but with just a fractional loss arising from the drop in the prices of index-heavy stocks in a continued surge in interest in the market occasioned by investors betting on the continued upside potential of stocks as an asset class.
PSE’s index closed at 6,465.13 points, down by 0.80 % or 52.36 points in trading that have gainers upending losers, 118 to 77 with 43 shares unchanged in another edbig value turnover of P9.111 billion as speculators jumped into the fray getting even into second liners.
Only the drop in the share prices of index heavyweights Ayala Corp, SM Prime Holdings and SM Investments and PLDT prevented the PSE index from rising further ,as the financials and the mining and oil sectors posted positive gains.
Ayala lost P5 to close at P793 while SM Prime and SM Investments declined respectively by P1.05 and P29.50 to close at P473 and P419. GT Cap continued its price rise, ending the day P36 higher to P480 with total trades of P852 million to top the most active stock grouping again.
PLDT lost another P40 to close at P1,180 on a volume of P403 million while Metrobank was down by P1.50 to close at P41.50 .
ABS CBN rose from P15.52 to P16.08 as investors cheered the company disclosure that Ang Probinsiyano and other shows will be on Kapamilya Channel, which will be available on cable and satellite TV nationwide beginning June 13.
The rise in ABS shares indicate the fact that investors are now going in droves to the stock market as it is deemed a financially fulfilling asset class. There were more than P9 million in trades.
Other notable gainers were BDO and BPI which shepherded the rise in the financial sector. BDO rose by P5 to P114 while BPI went up by a peso to P78. Both were heavily traded with value turnover of P642 million and P591 million respectively.
All eyes will now be on the US market and absent any cataclysmic event, the PSE may hit the 7,000 point psychological milestone as technicals show the market surging further to new highs next week.