PSE INDEX IN MUTE RISE

The Philippine Stock Exchange (PSE) index was up today in a mute rise of just 5.30 points or 0.08 percent to 7,024.48 points as the lack of catalyst to propel it forward provided a dampening effect to the projected surge in the market ahead of the Chinese Lunar New Year, which usually portends increased buying opportunities, especially for Chinoy investors.

Optimism, though, was evident with the low net foreign selling recorded today of just P20 million on foreign buying of P3.071 billion and foreign selling of P3.091 billion, with value turnover still at a hefty P10.427 billion - with 122 shares up, 99 shares down and 44 shares unchanged. PSE data showed that, in January, average daily turnover hit P10 billion against P7 billion daily turnover for last year, as the locals have noticeably entered the market in droves due to lack of other investment opportunities.

Dito CME was the day's most active stock with P2.26 billion in trades, as it went up by P1.86 to P16.40; followed by Metrobank, which went up by P2 to P49.50 on trades of P963 million, of which P176 million were foreign selling.

Ayala Energy was the third heavily traded, rising by 53 centavos to P7.75, with trades of P552 million. BDO Unibank, was up by P2.10 to P111.10 providing the push of the financials by 2.60 percent.

Converge closed higher at P18.12, up by 92 centavos even with the foreign selling of P58 million, while Ayala Land bucked the property sector decline of 0.36 percent with an 80-centavo increase to P40.75.

Market bellwether SM Investments declined on profit taking, closing P19 lower to P1,020, though it hit a high of P1,048 and gyrated to a low of P1,013. Foreign selling in the issue amounted to P74 million.

Market darling MerryMart inched up by 27 centavos to P7.06, as second liners again barged into the top 20 active stocks. They included Apollo Global, which went up by P0.010 to P0.213; Premiere Horizon, up 8 centavos to P2.60; Basic Energy, up 6 centavos to P1.05, and Abra Mining, down P0.0005 to P0.0053.

Food giant Jollibee, with foreign selling of P51 million, dropped by a peso to P183.

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