PSE INDEX IN SLIGHT UPTICK

The Philippine Stock Exchange (PSE) today closed with a slight uptick at 6,55908 points for a 6.62 point or 0.10 percent but not after a worrying decline early in trading that saw it about to pierce downward another milestone level.

Four of the sub-sectors were up but the thin trade masks the continuing uncertainty in the market due to the concerns over the spike in Coronavirus cases which today hit a record of more than 5,000 at a time of challenging business environment.

The financials were up 1.75 percent, industrials, 1.16 percent, services, 0.91 percent, and mining and oil, 0.36 percent. The holding firms and property declined by 0.93 percent and 0.13 percent, respectively.

Value turnover amounted to just P5.897 billion with net foreign selling of P298 million but the advances were up 116 against losers of 97 while 41 shares were. unchanged. Foreign buying amounted to P1.89 billion while foreign selling hit P2.189 billion.

PLDT had the biggest buying at P63 million as it went up by P25 to P1,291 while market bellwether SM Investments had the biggest foreign selling of P122 million posting a decline of P15 to P1,003 with trades of P305 million, the second most active stock.

Dito CME was again the most active with P526 million as it rose by 33 centavos to P10.18, up by 3.35 percent.

BDO Unibank went up by P2.30 to P104.60, while Metrobank and Bank of PI respectively gained 5 centavos to P45.50 and by P2.30 to P82.50.

Food giant Jollibee Foods also went up by P1.30 to P182.30. JG Summit and Aboitiz Equity lost 90 centavos and P2.20 respectively to close at P51.10 and P35.50.

Market analysts said that the recovery today signals optimism although the uncertainty remains especially with the rise in the COVID-19 cases. Also, net foreign selling was muted which indicates that the stock market remains a viable option for investments.

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