PSE INDEX DOWN ON PROFIT TAKING

The Philippine Stock Exchange (PSE) index raced to a new high at the opening bell and closed at its low point as investors cashed in their gains in average trade with just the services sub-index posting a gain to close below a psychological milestone at 6,992.43 points, down 43.95 points or 0.63 percent.

With interest at its high at the opening bell, the index went to a new high of 7,064.24 points but buckled under selling pressure as the lack of concrete economic developments spooked the market with its index hitting its lowest at the close.

Value turnover was at an average of P5.09 billion with 96 gainers, 112 losers, and 52 shares unchanged.

All sub-indices were down save for the services sector, which was perked up by the rise in ICTSI to P164.90, up 90 centavos with foreign buying of P27 million out of its P162 million trade.

Market bellwether SM Investments lost P6 to close at P1,014, while telcos PLDT and Globe both rose, respectively closing at P1,330, up P3 and P1,964, up by P44.

Globe had foreign buying of P96 million out of total foreign buying of P1.279 billion, while Monde, with foreign selling of P68 million out of total foreign selling of P1.316 billion, declined by 44 centavos to P16.44.

Net foreign selling was a low P37 million indicating continued optimism on the stock market although the news of an P11 trillion government debt rattled the locals, with the financials down by 0.26 percent, industrials, 0.49 percent, holding firms 0.73 percent, mining and oil, 0.10 percent, and property, 1.03 percent. The services sub-sector rose by 0.50 percent.

BDO Unibank gained 30 centavos to P114.60 while PNB advanced by 35 centavos to P23.10. Metrobank was down by 50 centavos to P49 with foreign selling of P20 million out of its trade of P80 million. Emperador went up by 12 centavos to P12.28, while Boulevard Holdings gained by a hefty P0.013 to P0.0149.

WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC