PSE INDEX SUGES

The Philippine Stock Exchange (PSE) index today surged piercing its resistance level and neared a psychological milestone level finishing 92.82 points or 1.36 percent ahead at 6,902.54 points.

Today's market rally augurs well for the market after the index pierced its 8,500-point resistance level with gainers more than double the losers, 138-61, with 52 shares unchanged.

The remarkable finish followed a surprising rally last week. And, with COVID-19 transmissions hitting below 5,000 yesterday, investors greeted the market with a hefty trade of P7.57 billion in trade with net foreign buying amounting to P23 million on foreign buying of P2.089 billion and foreign selling of P2.066 billion.

Property stocks Ayala Land and SM Prime pushed the property sub-sector up by a huge 2.57 percent, as the former went up by P1.35 to P38.30, and the latter gained 80 centavos to P37.80.

Market bellwether SM Investments, however, lost P2 to P1,000, one of two losers in the Top 20 most active stocks.

The other loser in the active stocks was Security Bank which declined by 40 centavos to P124.10.

Monde Nissin, for the first time since its IPO, closed higher than its offering price of P13.50 was it closed at P13.70, up by 24 centavos after shares changed from weak to strong hands.

All the sub-sectors posted big gains with financials up by 1.34 percent, industrial by 1.35 percent, holding firms 0.92 percent, services 0.24 percent, and mining and oil, 0.69 percent.

Among the big gainers were Jollibee Foods which hit P205, up by P6.50, Ayala Energy, up 32 centavos to P7.91, and Ayala Corp, up by P34 to P835.

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