PSE HITS 7,000 MILESTONE ANEW

The Philippine Stock Exchange (PSE) today recorded another close at beyond the 7,000 milestone level with gusto, as late buyers pushed the share prices and the index higher even with net foreign selling that was recorded to close at 7,051.78 points, an increase of 92.64 points or 1.33 percent.

That closing was the PSE’s highest for the day indicating the positive sentiment that the market players have been entertaining for the market that today saw more shares traded with 126 issues as gainers, 86 decliners and 55 shares unchanged with value turnover of a hefty P10.93 billion.

Net foreign selling stood at P374 million but even with the foreign selling of market bellwether SM Investments amounting to P136 million, the issue still managed to rise by P27 to P1,029 while the banks enjoyed share price rises nudging the financial subsector to an increase of 1.92 percent.

BDO Unibank was the top active stock with trades of P1.302 billion as it managed to gain 2.15 percent on a P2.05 increase to P97.25 while Bank of PI, which was the third active with P628 million posted a gain of P1.85 to P84.45. Metrobank closed at P45.50, up by 90 centavos. While Ayala Land rose by 65 centavos to P39.50.

Dito resumed its trading after a suspension was slapped on it by the Philippine Stock Exchange for the latter to get a grasp of the complex layering of corporations for the telco assets. The issue went to a high of P6.87 before profit takers had the share prices going down to P6.54, up by 24 centavos from its previous trading session. Converge added another 4 centavos to close at P15.70, although still way below its IPO price of P16.80.

In contrast. MerryMart, which had its IPO before that of Converge, padded another 45 centavos closing at P5.15. The issue had an IPO price of P1 per share. Ayala’s energy firm went up by 38 centavos to P4.93, while SM Prime closed the day 10 centavos higher to P38.50.