PSE INDEX PIERCES RESISTANCE LEVEL

The Philippine Stock Exchange (PSE) pierced its resistance level in what is believed could be the beginning of a touted Christmas rally that usually happens at this time of the year to close at 7,203.67 points, up by 69.11 points or 0.97 percent.

Value turnover reached P9.55 billion, with all the subsectors up and with the net foreign buying of P113 million, market players are now looking at better prices for blue chips and second liners as the rally, long anticipated, materializes for the month.

Market bellwether SM Investments, helped by net foreign buying of P136 million of the total foreign trade of P3.519 billion, went up by P24 to P1,050 while its sister firm SM Prime rose P1.10 to P38.70. Ayala Land, however, went down by 15 centavos to P39.80, as its mother firm, Ayala Corp. also dropped by P4.50 to close at P39.80.

The banks had different trading performances with BDO Unibank, rising P1.10 to P109.50 and Metrobank up by 75 centavos to P51.75, while Bank of PI lost P1.15 to P83. Security Bank also gained, closing P134.90, up by 90 centavos.

Market darling MerryMart declined by 8 centavos to P5.92, while food giant Jollibee Foods continued its upside streak to P209, a gain of P2.60. Dito was the day’s most active stock as it went up by 69 centavos to P7.61 on trades of P965 million.

PLDT and Globe Telecom were both down with respective closing prices of P1,327, down 23 centavos and 2,040, down by P6. The other gainers were ICTSI which was up by P5 to P126, GT Capital by P16.50 to P665.50, JG Summit up 95 centavos to P71.15 and Robinson’s Land, up 40 centavos to P19.50