PSE DOWN ON PROFIT-TAKING

By The Financial District
Dec 4, 2020
2 min read

The Philippine Stock Exchange (PSE) index today declined on profit-taking, unable to push through its resistance level at 7,200 points as per our take yesterday and it closed 7,134 points, down by 59.57 points or 0.83 percent; but with gainers ahead of losers, 121-103, with 49 shares unchanged in a preview of what market players said could be a forthcoming Christmas rally.

Value turnover was at P8.474 billion as the banks posted gains enabling the financial sector to stay ahead, up by 0.47 percent with the rest of the sectors experiencing marginal declines with the exception of the holding firms which lost 1.24 percent. Net foreign selling was at a low P271 million on foreign buying of P3.071 billion and foreign selling of P3.343 billion.

BDO Unibank was the day’s most active stock with trades of P724 million, as it gained 90 centavos to P108.40. Bank of PI was up by 15 centavos to P84.15, while Metrobank also rose by 10 centavos to P51. Security Bank went up by P2 to P134 while GT Capital was ahead by by P9 to P649.

Pilipinas Shell had net foreign selling of P202 million as it lost 15 centavos to P21.30. PLDT also had net foreign sales of P68 million, as it declined by P2 to P1,350, in contrast with Globe Telecom, which rose by P16 to P2,046. Dito went up by 6 centavos to P6.92. while Now was down by a centavo to P4.74. Converge gained 32 centavos to close at P16.

Market bellwether SM Investments lost P21 to P1,026, as it gyrated with the rest of the stocks in what market players said were profit taking and positioning for later on. SM opened at P1,033, hit a high of P1,044 and a low of P1,019 before nosing up at the close. Market darling MerryMart also had a similar trading performance like the rest of the stocks. MerryMart closed at P6.00, up by 7 centavos but it had swayed between P6.14 and P15.93 after opening trade at P5.94.

Market strategists said that the PSE index will again test the 7,200 resistance level, which they believe will come by shortly as a result of the perceived Christmas rally that usually happens before Christmastime.