PSE COOLS DOWN

The Philippine Stock Exchange (PSE) cooled down some more in another volatile trading session today marked by a huge block of cross sale of a liquor company with the financials and the mining and oil sector holding the fort for the PSE index.

PSE’s index closed 6,237.40 points , down by 61.01 points or 0.96 % with the gainers ahead of losers, 99 to 96 with 47 shares unchanged in another healthy trading value of P7.584 billion with the share prices going from one point to another in another touch-and-go trading.

The PSE index gyrated from a higher opening and then went up a bit before dropping to its lowest point which happened to be its closing level. Opening at 6,349.12 points, the index raced to a high of 6,349.61 then declined mightily to 6,267.40 which is its closing level.

Similarly, much of the share prices of blue chips mirrored the volatile trading pattern of the index with some opening low and others starting on higher prices before gyrating to losses and gains. The volatile trading was very evident on much of the blue chips, principally because of the lack of a stimuli for the stocks such as a positive economic indicators.

Emperador, a liquor firm belonging to the Alliance Global conglomerate, stole the thunder in today’s trading as it wrapped up the day as the most active stock with value turnover of P1.41 billion on the strength of three cross sales. The company’s wholly owned subsidiary which is domiciled in the British Virgin Islands unloaded its holdings.

The trading breakdown was made in three transactions: 1,296,800 shares priced at P8.0113; 926,500 shares at P8.1074 and then 183,400 shares at 7.8447. The cross-trades which means that the buyer and the seller did the transaction with one broker was identified as BDO Securities.

Banking stocks pushed up the financial sector into positive territory with BDO Unibank up by 50 centavos to P98 although it opened higher at P99.30 and raced to a high of P100.50 before hitting its low of P98 . Metrobank and BPI also had the same trading pattern opening high and then going up further before finally coming down but still at a higher price point although BPI ended unchanged while Metrobank rose by 10 centavos.

Market darling Merry Mart picked up steam today ending on a positive note on value turnover of P154.5 million. It opened at P2.99, dropped to P2.93 and then was ramped up to P3.114 before closing 20 centavos higher at P3.13.