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PSE FLIRTS WITH NEW HIGH
- By The Financial District
- Dec 16, 2020
- 2 min read
The Philippine Stock Exchange (PSE) today flirted with a new high and a piercing of its new resistance level as market players invested in much of the blue chips and the second liners towing them to higher share prices to make a gain of 71.97 points or 1 percent to 7,299.70 points.
Some of the second liners had an upbeat trading performance as investors picked up the penny stocks that allowed their inclusion in the Top 20 Most Active Stocks, resulting in another hefty value turnover of P9.314 billion with 133 shares up, 90 issues down and 47 stocks down.
BDO Unibank was the day's most traded with P580 million worth of transactions as it rose by 90 centavos to P115.40, helped in part by P50 million in foreign buying out of the total P3.112 buying figure. Net foreign selling amounted to P501 million as total foreign selling hit P3.613 million. Metrobank also rose by 20 centavos to close at P50, while penny stocks Abra Mining went down by 0.0002 to P0.0028 and Philippine Horizon was up by 18 centavos to P1.17. Apollo Global was unchanged at 0.091. All three were in the top 20 active stocks.
Globe Telecom, with foreign selling of P104 million and PLDT, with selling of P89 million both declined in identical P30 each to close at P2,000 and P1,330, respectively. Dito went down by 7 centavos to P7.65, while market bellwether SM Investments, the second most active stock with P382 million in trade, rose by P25 to P1,075; while its sister firm, SM Prime, gained 65 centavos to P38.80. Ayala Corp rose by P7 to P849 while Fruitas Holdings gained 9 centavos to P1.75.
Market players see the PSE index to test the milestone level of 8,000 points as the Christmas rally resonates. Save for the services sector, which lost 0.09 percent, all the sub indices have posted gains, with the mining and oil sector posting a gain of 1.70 percent, followed by holding firms, 1.38 percent and property, 1.36 percent. The Christmas rally usually happens during the Christmas season, which is the reason for its name.
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