PSE INDEX SHOWS SIGNS OF RECOVERY

The Philippine Stock Exchange (PSE) index today showed signs of an incipient recovery with the gainers getting a foothold and the value turnover again trading up as it closed with a modest rise of 64.02 points or 0.98 percent to 6,630.85 points.

Net foreign selling amounted to just P398 million on foreign buying of P1.971 billion with the financials upbeat while foreign selling reached P2.360 billion with market bellwether SM Investments getting clobbered as it topped the group with foreign sales of P114 million, ending the day with an P18-loss to finish at P987.

Trading hit P8.853 million with the gainers twice more than the losers at 149 to 64 with 41 shares unchanged, with Dito CME again topping the most active list as it lost 12 centavos to P10.52 with P534 million in trades.

Bank of PI was the second most active with P353 million in training as it made a huge recovery at P85.95, up by P2.15, while Metrobank gained P1.60 to P47.60 bolstering the financial sub-sector by 2.28 percent.

Ayala Land shrugged a foreign selling of P56 million to post a gain of 35 centavos to P38.00 while SM Prime rose by P1.30 to P36.30 to push up the property sector by 2.19 percent.

PLDT, which had foreign selling of P48 million, declined by P23 to P1,290 while Universal Robina went up by P1.50 to P126.50 even with foreign selling of P50 million.

Food giant, Jollibee Foods rose by 60 centavos to P185.60, helped by foreign buying of P40 million, while Bloomberg was up by 17 centavos to P6.99 or 2.49 percent higher, pushing the services sub-sector to a plus 0.24 percent.

Ayala Corp lost P1.50 to P755 though even with foreign buying of P41 million.

Market analysts said that the modest recovery today of the stock market shows the rise in the COVID-19 cases could have been priced in the investment community.

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