PSE INDEX IN THIRD DAY OF RISE

The Philippine Stock Exchange (PSE) index continued its muted rise today as it gained another 61.60 points or 0.94 percent to 6,651.71 points with the locals again pushing the indicator higher, even as the foreign investors continued with their net foreign selling positions.

Foreign investors again dumped their Ayala Land positions, unloading P280 million of the total trade of P503.4 million, to come up as the most active stock, declining by 10 centavos to P34.50.

SM Prime appeared unscathed as foreigners bought P63 million of the issue out of its total trade of P156 million, rising by 5.29 percent or P1.85, resulting in an increase of P1.85 to P36.85.

Market bellwether SM Investments bucked a P69 million foreign selling, gaining P6 to P998 as the local investors bought the shares.

The same was true for Metrobank, which, even with foreign selling of P78 million managed to eke a six-centavo gain to P44.75.

Market analysts said that the locals have been buying into stocks due to the better returns they offer compared to the bank rates and even bonds.

Value turnover remained muted with trades of P6.05 billion with gainers ahead of losers 147 to 57 with 46 shares unchanged. Only the mining and oil sector posted a loss, down by 0.62 points while the other sub-sectors were up, with the property sector posting a hefty 2.52 percent, while the other sub-indices posted below one percent rises: financials, up 0.38 percent, industrials, 0.50 percent, holding firm, 0.65 percent, and services, 0.39 percent.

Net foreign selling amounted to P658 million on foreign buying of P1.689 billion and foreign selling of P2.346 billion, with Metro Pacific posting a hefty rise of 5.87 percent as it advanced by 23 centavos to P4.15 on foreign buying of P28 million. Puregold bucked foreign selling of P73 million as it gained by 10 centavos to P37.75.

Market analysts say that there are still weak signals on the strength of the market's recovery based on the transactions. So far, the tentativeness in the market stems from the sale of unissued and unlisted stock of suspended Abra Mining, which had for a time accounted for 70 percent of trades in the Philippine Stock Exchange.

Also, the uncertainty on the surge in COVID-19 cases serves as an overhang on the market's performance.

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