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PSE INDEX IN BULLISH RUN
- By The Financial District
- Jul 1, 2021
- 2 min read
The Philippine Stock Exchange (PSE) index showed signs of an incipient bull run today flirting above the 7,000-point psychological level in hefty trade and with advancers ahead of losers before profit-taking set in to close at 6,964.01 points, up by 62.10 points or 0.90 percent.
Market breadth was wide with second liners enjoying new-found interest as investors started driving up prices in mid-trade before others cashed in their gains, with the blue chips enjoying higher prices in hefty trading that reached P13.51 billion with 120 gainers, 81 losers, and 49 issues unchanged.
Market bellwether SM Investments showed the market’s move as it topped a high of P1,021 before closing at 1,016, up by P16.50 with trades of P225 million, the third most active stock, as it enjoyed foreign buying of P93 million.
Monde Nissin emerged as the most active stock with a block sale of P3.6 billion as it closed at a new high of P17, up by 48 centavos with trades of P642 million. Block sales are not included in the computation of total trades but net foreign selling amounted to P4 billion with the huge Monde trade where the buyer and seller were transacted in one brokerage house.
Ayala Land and SM Prime rose, respectively by 45 centavos to P36.50 and 40 centavos to P36.90, while BDO Unibank and Bank of PI gained P1.80 to P115 and P1.25 to P89.95 pushing the financial sub-index up by 1.04 percent and property by 1.07 percent.
Top gainer among the sub-sectors was mining and oil index powered by the 50 percent rise of Benguet to P45, up by P15, and the surge by Nickel Asia by 11 centavos to P5.62.
ICTSI declined by P3,70 to P160 dampening the rise of the services sector to just 0.03 percent gain, while the industrials and holding firms went up by 0.47 percent and 1.14 percent respectively.
Local investors propped up share prices with Ayala Corp, up by P5 to P805 even with foreign selling of P45 million while Megaworld also bucked the foreign trades of P26 million to finish strong at P3.25, up by 2 centavos.
Market analysts see a bullish potential with the trading performance today as investors discount the effects of the COVID-19 pandemic and see a resurgence in economic activity even with the vaccines yet to arrive in October mostly.
